ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-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: -The United States is said to have a mixed economy because privately owned businesses and government both play important roles. Indeed, some of the most enduring debates of American economic history focus on the relative roles of the public and private sectors.

Detailed explanation-4: -A command economy is an economic system where the government has control over the production and pricing of goods and services.