In ____________,means of production are owned by the private individuals.
Capitalist economy
Socialist economy
Mixed economy
None of these
Human efforts aimed at the __________ of goods and services.
Production
Consumption
Economic growth
Natural resources are fully utilized in ____________.
Developed economies
Capitalist economies
Socialist economies
__________ refers to the growth and economic progress.
Simple economy
Complex economy
Open economy
Closed economy
In underdeveloped economy, the level of real income and per capita income is usually very ___________.
High
Low
Both 1 & 2
___________ is one in which the economic activities and problems of production, distribution and prices are determined and influenced automatically by the free play of the market forces of demand and supply.
Free economy
Controlled economy
In a socialist economy,the pricing process is only of __________ importance.
Primary
Secondary
In _________, people are usually illiterate and orthodox.
Industrial economy
Agricultural economy
The quality and quantity of production depends upon the demands of the __________.
Producer
Consumer
Both 1 and 2
Under ____________, people are free to make contract and settle transaction.
Capitalism
