Match List - I with List - II.

List – I		List - II
A.	Market economy	I.	Government controlled
B.	Service of a Teacher	II.	Functioning of a mechanism
C.	Centrally planned economy	III.	Skill
D.	Positive economy	IV.	Private Controlled

Choose the correct answer from the options given below : 

The correct answer is - A - IV, B - III, C - I, D - II

Key Points

• Market economy
  • A market economy is characterized by private control over the production and distribution of goods and services.
  • Prices and production are driven by competition among private businesses.
• Service of a Teacher
  • The service of a teacher involves a high level of skill and expertise in imparting knowledge and facilitating learning.
  • Teachers require specialized education and training to effectively perform their roles.
• Centrally planned economy
  • A centrally planned economy is one where the government controls all major aspects of economic production and distribution.
  • Decisions about what to produce, how to produce, and for whom to produce are made by the government.
• Positive economy
  • Positive economics focuses on describing and explaining economic phenomena as they are, often using the functioning of a mechanism approach.
  • It is based on factual statements and avoids value judgments.

Additional Information

• Market economy
  • Examples include the United States and most Western countries where businesses operate with minimal government interference.
  • Market economies are often associated with high levels of innovation and efficiency due to competitive pressures.
• Service of a Teacher
  • The role of a teacher extends beyond just delivering content; it includes mentoring, evaluating, and supporting students' overall development.
  • Professional development and continuous learning are crucial for teachers to stay updated with the latest educational methodologies.
• Centrally planned economy
  • Examples include the former Soviet Union and North Korea, where the government has significant control over economic activities.
  • Centrally planned economies often face challenges such as inefficiencies and lack of innovation due to the absence of competition.
• Positive economy
  • Positive economics is concerned with "what is" rather than "what ought to be," making it distinct from normative economics.
  • It uses scientific methods to analyze economic behavior and outcomes, often utilizing data and empirical evidence.