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: -Countries like the United States, United Kingdom, Germany, France, Russia, and China currently have mixed economies.

Detailed explanation-3: -Mixed Economy Definition. 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-4: -In a mixed economic system, free markets co-exist with government intervention, and private enterprises co-exist with public enterprises. The advantages of a mixed economy include efficient production and allocation of resources, as well as improvement of social welfare.

Detailed explanation-5: -Today, India is considered a mixed economy: the private and public sectors co-exist and the country leverages international trade.