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

Detailed explanation-3: -Capitalism is often thought of as an economic system in which private actors own and control property in accord with their interests, and demand and supply freely set prices in markets in a way that can serve the best interests of society.

Detailed explanation-4: -In a market economy, almost everything is owned by individuals and private businesses-not by the government. Natural and capital resources like equipment and buildings are not government-owned. The goods and services produced in the economy are privately owned.

Detailed explanation-5: -In a mixed economy both market forces and government decisions determine which goods and services are produced and how they are distributed.