ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -This type of economy allows the government to provide public goods and a basic safety net while enjoying the productivity of a market-based economy. In practice, most countries of the world are mixed economies, although some are more market-oriented and others are more state-led.

Detailed explanation-2: -The mixed economy definition is an economy where both the private market and the government control the factors of production. It is the most common form of economy that exists in the world today.

Detailed explanation-3: -Most modern countries’ economies are mixed economies consisting of both free market and command economy. The commonality of that state stems from the fact that a mixed economy allows the government to utilize the advantages of both command and open economies and minimize the disadvantages of both economic systems.