Give an explanati

(1) Managing finance means economic management, economics makes us understand on how to use time,money,labour and land, this is applicable within family as well on using the available income effectively and managing expenses, also economics comes from the word “oikonomia” which means “family management” hence it can be said that Economy begins at home.

(2) In a mixed economy public and private sector exits at the same time or in the same place they live in an agreement in spite of different beliefs or interest, a balance is maintained between profit and social welfare, all this is seen in Indian economy hence India’s economy is mixed type.

(3) A country in which ownership of production and management of production is decided and governed by an individual or private individual and aim towards gaining maximum profit can be termed as a country with Capitalistic economy.

A country whose production is monitored and controlled by government and their goal is to achieve social welfare can be termed as a country with Socialistic economy.

A country who maintains a well balance between profit and social welfare and where public and private sector co-operate and co-exists can be termed as a country with Mixed economy.