ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-2: -Examples include the economies of China, Norway, Singapore, and Vietnam-all of which feature large state-owned enterprise sectors operating alongside large private sectors.

Detailed explanation-3: -Communism, also known as a command system, is an economic system where the government owns most of the factors of production and decides the allocation of resources and what products and services will be provided.

Detailed explanation-4: -A capitalist economy is characterized by private ownership of factors of production, while a socialist economy is characterized by state ownership of factors of production. A mixed economy, on the other hand, is characterized by private and state ownership of factors of production.

Detailed explanation-5: -A mixed economy has three of the following characteristics of a market economy. First, it protects private property. Second, it allows the free market and the laws of supply and demand to determine prices. Third, it is driven by the motivation of the self-interest of individuals.