ECONOMICS NOTES for RRB NTPC and SSC CHSL EXAM

Posted byadmin Published On January 10th, 2017 Leave a comment on ECONOMICS NOTES for RRB NTPC and SSC CHSL EXAM

Types of economy on the basis of ownership

1. Capitalistic Economy

• This form of economy stresses on “Laissez Faire” which means non-interference by the Government (or least interference by the Government)
• The term is given by Adam Smith in his work (Book)  “wealth of nations”
• Capitalistic economy is also known as Market economy. (Larger Market Interference)
• There will be No/least role of the state.
• The decision of price determination & production is taken by the market.
• Promotes Individual ownership.

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