ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A mixed economy features many of the desirable qualities of both capitalism and socialism, as well as some of their drawbacks. 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.

Detailed explanation-2: -A mixed economy has three of the following characteristics of a market economy. First, it protects private property. Second, it allows the free market and the laws of supply and demand to determine prices. Third, it is driven by the motivation of the self-interest of individuals.

Detailed explanation-3: -Mixed Economy-Key takeaways Most countries throughout the world use some type of mixed economy system. Some examples of countries in which the government takes a leading role in the economy are Vietnam, Norway, Singapore, and France.

Detailed explanation-4: -There are two types of mixed economies: The government sets up industries of its own and invests its own capital and purchases or hires the productive resources and takes the risk of profit or loss like an ordinary entrepreneur. There are also Joint Sector which is shared both by Private and the Public Sector.

Detailed explanation-5: -Overview: The Advantages of a Mixed Economy The advantage of this type of market is that it allows competition between producers with regulations in place to protect society as a whole. With the government being present in the economy it brings a sense of security to sellers and buyers.