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: -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-4: -Pure capitalism is a free, private economic system that allows voluntary and competing private individuals to plan, produce, and trade without government interference. A mixed economic system is an economy that allows private property ownership, but there is some government involvement.

Detailed explanation-5: -Some nations combine elements of both capitalism and socialism and are called social democracies, while their combination of capitalism and socialism is called democratic socialism.