ECONOMICS (CBSE/UGC NET)

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: -Each economy functions based on a unique set of conditions and assumptions. Economic systems can be categorized into four main types: traditional economies, command economies, mixed economies, and market economies.

Detailed explanation-4: -A market economy is a type of economic system where supply and demand regulate the economy, rather than government intervention.

Detailed explanation-5: -In a capitalistic society, individuals and businesses aim to earn a profit with the production of their investment and labor in a free market operating largely by supply and demand. Socialism is when the government owns and/or controls productive enterprises. A mixed economy is aspects of both.