ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A mixed economy is a system that combines elements of both a market economy and a command economy. In a mixed economy, some resources and businesses are privately owned while others are owned by the government, and both free markets and government intervention play a role in economic decision-making.

Detailed explanation-2: -In a command economy, all resources are owned and controlled by the state. In a mixed system, private individuals are allowed to own and control some (if not most) of the factors of production. Free market economies allow private individuals to own and trade, voluntarily, all economic resources.

Detailed explanation-3: -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-4: -All Economies Are Mixed There are no countries today that have pure command or pure market economies. The economies of all countries today have characteristics of both systems and are often referred to as mixed economies.