ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Mixed economic systems do not block the private sector from profit-seeking, but do regulate business and may nationalize industries that provide a public good.

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: -While a mixed economy combines free market with central government planning and intervention, a market economy relies purely on the free market (and the rules of supply and demand) to regulate the economy. For this reason, profit motives, incentives, and capitalism are the driving factors of the economy.

Detailed explanation-4: -In a planned economy, the government takes all the decisions and runs the show. In contrast, both government and private players are actively involved in running economic activities in a mixed economy. There is another category wherein only the private players are the decision-makers.

Detailed explanation-5: -Key Takeaways. The government has control over a command or planned economy. In mixed economies, the government has some control, while the rest is up to supply and demand.