Meaning and Types of Economics 8th Notes KSEEB Social Science

→ We use various things in our daily life. There things are called goods and services.

→ Economy refers to the nature of organisation of economic activities in a society.

→ An Economy may be described as a man made organisation for the satisfaction of human wants.

→ A.J. Brown defines economy as “a system by which people get a living”.

Meaning and Types of Economics Class 8 Notes KSEEB 8th Social Science

→ Economy consists of individuals, economic institutions and government and their interactions.

→ Economy is a dynamic entity’ which is continuously changing.

→ Production, consumption and investment are the crucial activities of an economy. Individuals are both producers and consumers.

→ Modern Economic system is complex and there are many institutions to regulate the activities of the individuals. Ex: RBI, world Bank, WTO, IMF Etc.

→ In capitalistic Economy, the means of production are owned by the individual.

→ When productive resources are owned and controlled by the government to promote the ever all interests of the society.

Meaning and Types of Economics Class 8 Notes KSEEB 8th Social Science

→ A Mixed Economy combines the good features of both capitalism and socialism.

→ India is a classic example of mixed economy with both public and private sectors.

KSEEB 8th Social Science Notes

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