ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -mixed economy, in economics, a market system of resource allocation, commerce, and trade in which free markets coexist with government intervention.

Detailed explanation-2: -Sometimes called a planned economy, in a command economy, the government decides which goods and services to produce, the production and distribution method, and the prices of goods and services.

Detailed explanation-3: -The Command Economy In a command economy, the government planning groups make the basic economic decisions. The government determines which goods and services are to be produced, the prices and the wage rate. The government, not the people, own farms and businesses.

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

Detailed explanation-5: -The key ingredient of the free enterprise system is the right of individuals to make their own choices in the purchase of goods, the selling of their products and their labor, and their partici-pation in business structure.