GENERAL KNOWLEDGE

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: -In a mixed economy, both public and private sectors own and produce goods and services. While private players participate in the production of goods and services, the government makes major decisions for the economy keeping social welfare in mind. This keeps a check on economic disparity.

Detailed explanation-3: -In a mixed economic system, the private sector and public sector co-exist. There is a certain level of economic freedom so that the private sector can decide the use of capital and seek profits. It simultaneously allows the government to intervene in some economic activities and industries.

Detailed explanation-4: -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. The essential feature of capitalism is the motive to make a profit.

Detailed explanation-5: -The Public Sector consists of businesses that are owned and controlled by the government of a country. The ownership and control of the central or state governments in these organisations are either complete or partial.