ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -mixed economy, in economics, a market system of resource allocation, commerce, and trade in which free markets coexist with government intervention.

Detailed explanation-2: -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-3: -Elements of a Mixed Economy The U.S. government controls or partially controls many goods or services, such as education, courts, roads, hospital care, and postal delivery. It also provides subsidies to agricultural producers, oil companies, financial companies, and utility firms.

Detailed explanation-4: -A mixed economy permits private participation in production, which in return allows healthy competition that can result in profit. It also contributes to public ownership in manufacturing, which can address social welfare needs.

Detailed explanation-5: -Free Market System In a free market economy, competition dictates how goods and services will be allocated. Business is conducted with more limited government involvement concentrated on regulations that dictate how businesses are permitted to operate.