ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Competition
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Freedom of Enterprise and Choice
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Private Property
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Motive of Self-Interest
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Detailed explanation-1: -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-2: -In a mixed economic system, the private sector and public sector co-exist. There is a certain level of economic freedom so that the private sector can decide the use of capital and seek profits. It simultaneously allows the government to intervene in some economic activities and industries.
Detailed explanation-3: -#1 – Partial State Control – The ownership of factors of production. #2 – Total Government Control – The state directly influences the functioning of the entities. #3 – Public-Private Control – There is a joint venture.