ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A mixed economy is a system that combines characteristics of market, command, and traditional economies. It benefits from the advantages of all three while also experiencing some of the disadvantages.

Detailed explanation-2: -A mixed economic system has features of both a command and a free-market system.

Detailed explanation-3: -Alternatively, a mixed economy can refer to a reformist transitionary phase to a socialist economy that allows a substantial role for private enterprise and contracting within a dominant economic framework of public ownership.

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: -#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.