Skip to main content
Super TutorResources
Chapter 4 of 13
QuestionsNotesFlashcardsSummaryFormulasQuizConceptsSyllabusPlan
Syllabus

Types of Economies

ICSE · Class 9 · Economics

Complete topic list for Types of Economies in ICSE Class 9 Economics. Key concepts, sub-topics, and what to focus on for board exams.

61 questions35 flashcards5 concepts

Interactive on Super Tutor

Studying Types of Economies? Get the full interactive chapter.

Quizzes, flashcards, AI doubt-solver and a step-by-step study plan — built for syllabus and more.

Try Super Tutor — Free

1,000+ Class 9 students started this chapter today

4 Topics · ICSE Class 9 Economics

Topics in Types of Economies

1

1. Classification of Economies

  • Economies are classified on two bases: ownership of means of production and level of economic growth.
  • On the basis of ownership, the three types are capitalistic economy, socialist economy, and mixed economy.
  • On the basis of development, economies are divided into developed economies and underdeveloped or developing economies.
2

2. Capitalistic Economy

  • In a capitalistic economy, means of production are privately owned and operated for profit.
  • It is also called a free economy or laissez-faire economy.
  • It emerged from the Industrial Revolution of England during 1760 to 1820.
3

3. Socialist Economy

  • In a socialist economy, means of production are owned and managed by the whole community or the state.
  • Social welfare is the main motive.
  • Economic planning is the main method of decision-making.
4

4. Mixed Economy

  • A mixed economy is a mixed form of capitalism and socialism.
  • Both private and public sectors work together to achieve maximum social welfare.
  • The concept was propounded by J.M. Keynes during the world depression of the thirties.

Key Concepts

Central concept: Economy can be classified on the basis of ownership of means of production and on the basis of level of development

Classification on the basis of ownershipClassification on the basis of level of developmentEconomic growth and development

Frequently Asked Questions

What are the important topics in Types of Economies for ICSE Class 9 Economics?
Types of Economies covers several key topics that are frequently asked in ICSE Class 9 board exams. Focus on the core concepts listed on this page and practise related questions to build confidence.
How to score full marks in Types of Economies — ICSE Class 9 Economics?
Understand the core concepts first, then work through the 61 practice questions available for this chapter. Revise formulas and definitions regularly, and use flashcards for quick recall before the exam.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

More resources for Types of Economies

All 13 chapters — ICSE Class 9 Economics Syllabus

For serious students

Get the full Types of Economies chapter — for free.

Quizzes, flashcards, AI doubt-solver and a step-by-step study plan for ICSE Class 9 Economics.

Try Super Tutor Free
Try the full chapter — Free