ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Prices and wages are solely regulated by a country’s government
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A combination of privately-owned industry and government control
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A country’s distribution of resources is based on inheritance
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Prices and wages are determined by the laws of supply and demand rather than being regulated by a country’s government
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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: -Countries like England, France, and India follow the mixed economic system where both, the state and private players, have control over the resources of distribution.
Detailed explanation-3: -A mixed economy is a system that combines characteristics of market, command, and traditional economies. It benefits from the advantages of all three while also experiencing some of the disadvantages.
Detailed explanation-4: -Producers and consumers make some economic choices while the government makes others.