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: -A mixed economy is defined by the co-existence of a public and private sector. The specific mix between public and private can vary significantly from one mixed economy to another, however. Based on their respective natures, the private sector is subservient to the public sector.

Detailed explanation-3: -Co-existence of private and public sectors As mentioned earlier, a highlighting characteristic of a mixed economy is the presence of both private and public sectors.

Detailed explanation-4: -In a mixed economy, both public and private sectors own and produce goods and services. While private players participate in the production of goods and services, the government makes major decisions for the economy keeping social welfare in mind. This keeps a check on economic disparity.

Detailed explanation-5: -The United States has a mixed economy. It works according to an economic system that features characteristics of both capitalism and socialism.