JKSSB Paid Notes Class 2 – Economics | JKSSB Mock Test

🏦 Types of Economic Systems (Ownership)

1. Capitalist Economy – Private ownership of resources.
   Example: USA, Japan
   Feature: Profit motive, Minimum Govt interference
2. Socialist Economy – Government owns all resources.
   Example: Cuba, North Korea
   Feature: Welfare of society, No private control
3. Mixed Economy – Both Private & Govt ownership.
   Example: India, France
   Feature: Public-Private Coexistence

📌 SSC CGL Mains: "India follows which type of economy?" — Mixed Economy

🧭 Key Features of Capitalism

1. Market decides price & production
2. Focus on profit
3. Laissez-faire – No government interference
4. Adam Smith is called Father of Capitalism

💡 SSC CHSL: "Laissez-faire is linked to?" — Capitalism

⚖️ Key Features of Socialism

1. Government controls industries & services
2. No private profit in basic needs sectors
3. Focus on welfare & equality
4. Karl Marx is linked to Socialist theory

🧠 SSC CGL: "Who wrote Das Kapital?" — Karl Marx

📝 Key Features of Mixed Economy

1. Balance of public and private sector
2. Govt controls core sectors: Railways, Defence
3. Private players work in FMCG, IT, etc.
4. India adopted Mixed Economy after Industrial Policy 1948

📌 JKSSB: "In which session was Socialist Pattern declared?" — Avadi Session, 1955

🔍 Types of Sectors (Based on Economic Activity)

1. Primary Sector – Uses natural resources directly
   Example: Agriculture, Mining, Fishing
2. Secondary Sector – Manufacturing & Construction
   Example: Factories, Mills, Building construction
3. Tertiary Sector – Services & Support
   Example: Banking, Transport, Tourism
4. Quaternary Sector – Knowledge-based activities
   Example: IT, Research, Data analysis
5. Quinary Sector – Decision-making roles
   Example: CEO, Govt Heads, Policy Makers

🧠 SSC MTS: "Which sector is called the Service Sector?" — Tertiary Sector

📊 Sectoral Contribution in India

1. Primary Sector – High employment but low GDP
2. Secondary Sector – Focus on industries & production
3. Tertiary Sector – Largest GDP contributor

📌 SSC GD: "Which sector provides most jobs in India?" — Primary Sector

📖 Important One-Liners for MCQs

1. Capitalism – Private ownership, Profit motive
2. Socialism – Govt ownership, Welfare motive
3. Mixed Economy – Both Private + Govt coexist
4. Adam Smith – Father of Economics & Capitalism
5. Karl Marx – Father of Socialism
6. India – Mixed Economy since 1948 Policy

💡 SSC CGL: "India adopted which type of economy?" — Mixed Economy