Type 1
What is the main aim of a capitalistic economy?
To earn maximum profit.
In which type of economy are the means of production owned by the government?
Socialistic economy.
Name two countries that follow a mixed economy.
India, Sweden, UK
Who was India’s first Prime Minister who adopted the mixed economy model?
Pandit Jawaharlal Nehru
What are the three sectors in a mixed economy?
Public sector, private sector, joint sector.
Why does the government handle industries like defence and infrastructure instead of private companies?
They require huge investments and returns take a long time.
This policy to control the influence of heavy industries-
Industrial Policy of 1973.
Name one advantage each of capitalism
Encourages profit motive and entrepreneurship.
Name one advantage each of socialism.
Ensures social welfare and equitable distribution of resources.