ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -But the best examples of mixed economies are those countries where the government takes a significant role in directing the course of the market economy. Many countries in Western Europe are considered mixed economies because the government offers generous welfare programs and tight regulations on business activity.

Detailed explanation-2: -What Is Socialism? Socialism is a populist economic and political system based on collective, common, or public ownership of the means of production. Those means of production include the machinery, tools, and factories used to produce goods that aim to directly satisfy human needs.

Detailed explanation-3: -A command economy is an economic system where the government has control over the production and pricing of goods and services.

Detailed explanation-4: -Economic systems can be categorized into four main types: traditional economies, command economies, mixed economies, and market economies.

Detailed explanation-5: -Socialist economy means the economic system under which it is controlled & regulated by the government. so as to provide some public welfare and equal opportunity to the people in a society.