ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A mixed economy has the characteristics of market, command, and traditional economies and is considered the most flexible system better suited to various countries. A free market is considered as closely associated with the capitalist economy, and a command economy is generally associated with socialism.

Detailed explanation-2: -A mixed economy combines the advantages and disadvantages of three different types of economies: market, command, and traditional economies. It’s the most flexible system.

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 market economy is a dynamic and flexible system for producing and distributing the goods and services that the people of a country need and want. For example, there are ongoing transactions at multiple marketplaces, where individuals may freely interact to make decisions about what to buy and sell.

Detailed explanation-5: -#1 – Partial State Control – The ownership of factors of production. #2 – Total Government Control – The state directly influences the functioning of the entities. #3 – Public-Private Control – There is a joint venture.