What type of economy is described below:the government tends to own major industries like utilities, health care and major manufacturing industries; however, individuals own most small businesses.

ECONOMIC SYSTEMS

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

What type of economy is described below:"the government tends to own major industries like utilities, health care and major manufacturing industries; however, individuals own most small businesses.”

A	Command
B	Mixed
C	Market
D	Traditional

Explanation:

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: -Examples include the economies of China, Norway, Singapore, and Vietnam-all of which feature large state-owned enterprise sectors operating alongside large private sectors.

Detailed explanation-3: -A mixed economy combines the characteristics of capitalism and socialism. Essentially, a country with this kind of economy comprises public and private sectors, wherein private enterprises aim for profit maximisation, while the Government sector works towards the welfare of the citizens.

Detailed explanation-4: -Traditional economic system. Command economic system. Market economic system. Mixed system. 6 days ago

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ECONOMICS (CBSE/UGC NET)

ECONOMICS

ECONOMIC SYSTEMS