ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-2: -A mixed economy combines market and command economy elements, with both private and government ownership of resources and businesses and a mix of free markets and government intervention in economic decision-making.

Detailed explanation-3: -Command Economies Explained A command economy is a system in which a central government makes all economic decisions. Either the government or a collective owns the land and the means of production.

Detailed explanation-4: -In a mixed economy both market forces and government decisions determine which goods and services are produced and how they are distributed.

Detailed explanation-5: -Capitalism is often thought of as an economic system in which private actors own and control property in accord with their interests, and demand and supply freely set prices in markets in a way that can serve the best interests of society.