Question

Define capitalist economy.

Solution

Capitalist economy may be defined as an economy in which there is a private ownership of means of production and all economic decisions are taken with a view to maximising profits.

Some More Questions From Indian Economy 1950-1990 Chapter

What is mixed economy?

What is meant by economic growth?

What structural change undergoes with development of the economy?

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Indian Economy 1950-1990

Define capitalist economy.

Some More Questions From Indian Economy 1950-1990 Chapter

What is mixed economy?

What is meant by economic growth?

What structural change undergoes with development of the economy?

Name the sectors from which the GDP of a country is derived.

On which idea is the policy of 'land to tiller' is based?

Where is the provision for economic and social planning in our Constitution?

Why is agriculture called the backbone of Indian Economy?

What is meant by agriculture?

What are the main causes of backwardness of Indian agriculture?

What do you mean by land reforms?

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