ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A mixed economy is a system that combines elements of both a market economy and a command economy. In a mixed economy, some resources and businesses are privately owned while others are owned by the government, and both free markets and government intervention play a role in economic decision-making.

Detailed explanation-2: -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-3: -Mixed economies typically maintain private ownership of most of the means of production, with the government intervening through regulations.

Detailed explanation-4: -The mixed economic system is defined as an economic system that combines the elements of a market economy and the elements of a planned economy. It is a synthesis of socialism and capitalism, which contains both private enterprises and public enterprises.

Detailed explanation-5: -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.