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TYPES OF ECONOMIES
Types of Economy
There may be three major types of economies. They are:
1. Capitalist economy e.g. USA:- In this type of economy, all the means of production are controlled by the individuals or group of Individuals.
2. Planned economy or Socialist economy e.g. Cuba:- In this type of economy, all the means of production are controlled by the government. Earlier USSR was an example of this type of economy.
3. Mixed economy i.e. combination of Capitalist and socialist economy e.g. India:- In this type of economy, both above said features exists.
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