ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Some advantages include: Creates potential for mass mobilization of necessary resources due to government control. Creates additional jobs for community members and citizens due to increased mobility of resources. Focuses on benefits to society over individual interests.

Detailed explanation-2: -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-3: -A command economy is characterized by the most government control over the economy.

Detailed explanation-4: -Mixed economic systems are not laissez-faire systems, because the government is involved in planning the use of some resources and can exert control over businesses in the private sector. Governments may seek to redistribute wealth by taxing the private sector and by using funds from taxes to promote social objectives.