GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Co-existence of consumer and producer’s goods industries in an economy
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Co-existence of private and public sector in an economy
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Co-existence of urban and reral sectors in an economy
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Co-existence of Large and small industries in an economy
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Detailed explanation-1: -Mixed economy is one in which both public and private enterprises exist together, with some level of freedom to utilize capital for profit making. However, government interference is expected to achieve social aims. It is, however, coexistence of capitalism and socialism.
Detailed explanation-2: -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-3: -The main characteristics of a mixed economy are as follows: Co-existence of public and private sectors: The private sector is made up of production units that are privately-owned and run for profit. The public sector is made up of government-owned production units that operate based on social welfare.
Detailed explanation-4: -The mixed economy model has features of both capitalistic and socialistic economies. In a mixed economic model, both public and private sectors coexist.