Types of Economies — Important Questions
ICSE · Class 9 · Economics
61 important questions from Types of Economies for ICSE Class 9 Economics, with answers. Part of the ICSE Class 9 Economics syllabus.
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Important Questions from Types of Economies
Which of these is a feature of a capitalist economy?
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Freedom of enterprise
In capitalism, individuals are free to start businesses and choose occupations.
Which of the following is NOT a feature of a capitalistic economy?
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Economic planning
Economic planning is not a feature of capitalism; it is linked to socialism.
Under capitalism, who decides the price of goods and services?
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The market
In a capitalist economy, the market mechanism determines prices rather than the government.
What is socialism?
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An economic system where means of production are owned and managed by the whole community
Socialism gives ownership and management of the means of production to the whole community or the state.
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