Mixed economy is an economy where both private and public sectors coexist. It is rather a compromise between capitalism and socialism. It works through the dual system of free price mechanism and economic planning (controlled price system). In private sector of the economy, entrepreneurs are free to take economic decisions regarding basic problem on the basis of profit motive. In [...]
We often come across in the books on Economics the words 'rural economy', 'urban economy', 'agricultural economy', 'industrial economy,' the 'developed or advanced economy', 'under-developed or backward economy', 'a developing economy', and so on. Let us clearly understand what we mean by the term 'economy'. The term 'economy' refers to the conditions under which goods are produced in a country [...]
Economic evolution has been a very slow and steady affair. Human society has passed through several well-marked stages in its economic development. Economic organisation was very simple at first but it has become very complex today. The main stages through which the countries in general have passed are: hunting and fishing stage, pastoral stage, agricultural stage, handicraft stage and industrial [...]