The movements of business cycles are,
(i) Boom
(ii) Recession
(iii) Depression and
(iv) Recovery

There are three models of circular flow of income. They are,
(i) Two sector model
(ii) Three sector model
(iii) Four sector model

y = C + I + G + (X - M)
C - Consumption Expenditure (Households)
I - Investment Expenditure (Firms)
G - Government Expenditure (Government)
(X-M) - Net Exports (External Sector)

(i) Central planning authority is the controlling authority in a socialistic economy.
(ii) All the decisions are under taken by the central planning authority.
(iii) It means all factors of production are nationalized and managed by public authority.

i) Efficient use of Resources
ii) Automatic working
iii) Higher Rates of capital formation
iv) Development of new technology

i) The USA
ii) West Germany
iii) Australia and
iv) Japan

i) North Korea
ii) China
iii) Venezuela

(i) India
(ii) England
(iii) France and
(v) Brazil are the examples of mixed economy

(i) Rapid Economic Growth
(ii) Balanced Economic Growth
(iii) Economic Equality
(iv) Proper Utilization of Resources
(v) Special Advantages to the Society

(i) In economic system both private and public sectors co-exist.
(ii) It work together towards economic development.

(i) Socialism refers to a system of total planning.
(ii) Public ownership and state control on economic activities.

(i) Concentration of wealth and income
(ii) Wastage of Resources
(iii) Class struggle
(iv) Business Cycle
(v) Production of Non essential goods

Globalism : An economic system where the economic activities of a nation are inter connected and inter dependent on each other nation.

(i) Capitalistic Economy (Capitalism)
(ii) Socialistic Economy (Socialism)
(iii) Mixed Economy (Mixedism)