ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Mixed economies typically maintain private ownership of most of the means of production, with the government intervening through regulations. Mixed economies socialize select industries that are deemed essential or that produce public goods.

Detailed explanation-2: -Key Takeaways Market economies utilize private ownership as the means of production and voluntary exchanges/contracts. In a command economy, governments own the factors of production and set prices and production schedules. In a market economy, prices are set by supply and demand.

Detailed explanation-3: -In a mixed economy both market forces and government decisions determine which goods and services are produced and how they are distributed. In general, market forces prevail in mixed economies.

Detailed explanation-4: -In a market economy, the producer gets to decide what to produce, how much to produce, what to charge customers for those goods, and what to pay employees. These decisions in a free-market economy are influenced by the pressures of competition, supply, and demand.

Detailed explanation-5: -Examples include the economies of China, Norway, Singapore, and Vietnam-all of which feature large state-owned enterprise sectors operating alongside large private sectors.