Economic System : Economic System Capitalism, Socialism and Mixed Economy What is Economic System : What is Economic System Slide 3: An economic system is a consolidated form of different economic institutions.
The institutional framework regulating the environment on economic basis. Slide 4: Elements of economic system-
Institutions Slide 5: Types of Economic System-
Mixed Economy Capitalism : Capitalism What is Capitalism? : What is Capitalism? Economic system under which all firms, factories and other means of production are the property of Private individual and firms.
“A system of economic organisation featured by the private ownership” Slide 8: THIS IS THE OLDEST ECONOMIC SYSTEM IN THE WORLD.
COUNTIRES LIKE BRITAIN, FRANCE, AMERICA AND GERMANY ETC. have such system. Slide 9: THIS IS THE OLDEST ECONOMIC SYSTEM IN THE WORLD.
COUNTIRES LIKE BRITAIN, FRANCE, AMERICA AND GERMANY ETC. have such system. Slide 10: Capitalism was the predominant economic system till 1917. it is also named as free enterprise system. Slide 11: ADVANTAGE OF CAPITALISM-
INCREASE IN PRODUCTION
HIGH STANDARD OF LIVING
LIBERTY Slide 12: DIS ADVANTAGE OF CAPITALISM-
NO WELFARE OF THE SOCIETY
MONOPLIES Socialism : Socialism Slide 14: Introduction-
First time it is introduced USSR after the revolution of 1917.
Under this system govt. holds the ownership of the sources of production as well as in all economic activities. Slide 15: Features OF Socialism-
lack of competition
emphasize on equal economic as well as social growth
reduction in class distinction Slide 16: Merit OF Socialism-
Greater economic efficiency
a planned economy
rapid economic growth
research & development Slide 17: Demerits OF Socialism-
Loss of efficiency
Loses of freedom
misallocation of resources Mixed Economy : Mixed Economy Slide 19: Introduction-
It is the mixture of capitalism and socialism. India follow the same system.
Under this system govt. allocate the different-2 economic activities according to their importance. Slide 20: Features of mixed economy-
Division of public and private sector.
Protection of labor
Reduction of economic inequalities
Freedom of consumption
Free for Choice of occupation Slide 21: Merits of mixed economy-
Proper allocation of resources
Rapid economic development
Equal distribution of income and wealth
Foundation of innovative levels Slide 22: De Merits of mixed economy-
Conflict between two sectors
Maximization of Un real work
Un disciplined work
Sign of weakness