Question

What do you mean by Mixed Economic System?

Hint:

A mixed economy is a blend: some parts are run by private businesses (capitalism) and some parts are controlled or regulated by the government (socialism).

Answer 1

A mixed economic system is an economy that incorporates elements of both capitalism (private enterprise and market mechanisms) and socialism (government intervention and public ownership). In a mixed economy, both the private sector and the public sector co-exist and play important roles. The government regulates some aspects of the economy while allowing private individuals and firms to own property and make most economic decisions. Most modern economies, including the United States and India, are mixed economies.