Mixed Economy - Definition
A mixed economy is a kind of economic system that combines features of both capitalism and socialism. In a mixed economic system both private and government business entities coexist.
Mixed economies can emerge when a government intervenes in free markets, or when a socialist government makes exceptions to state ownership. India is an example of a mixed economy, with a combination of central economic planning, free market practices, and price mechanisms. However, India's mixed economy faces challenges such as poverty, unemployment, and pollution.
Reference questions:
What is the meaning of Mixed Economy? [CCSU BA LLB 1st Sem 2019 - 4 marks]
Define Mixed Economy. [CCSU BA LLB 1st Sem 2023 - 4 marks]
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