ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -In a command economy, the system is controlled by the government. A mixed economy is partly run by the government and partly as a free market economy, which is an economic system that includes no government intervention and is mainly driven by the law of supply and demand.

Detailed explanation-2: -A mixed economy is a blend of market and command economies. In a mixed economy some parts or sectors of the economy are left to private ownership (market) while in other sectors there is substantial government ownership or government-directed production (command).

Detailed explanation-3: -A mixed economic system is a system that combines aspects of both capitalism and socialism. A mixed economic system protects private property and allows a level of economic freedom in the use of capital, but also allows for governments to interfere in economic activities in order to achieve social aims.

Detailed explanation-4: -A mixed economic system synthesizes the elements of a market economy and the elements of a command economy. In a mixed economic system, free markets co-exist with government intervention, and private enterprises co-exist with public enterprises.

Detailed explanation-5: -A mixed economy combines market and command economy elements, with both private and government ownership of resources and businesses and a mix of free markets and government intervention in economic decision-making.