Question

Difference between mixed economy and socialist economy

Answer 1

Capitalism, socialism or a mixed economy. In acapitalistic society, individuals and businesses aim to earn a profit with the production of their investment and labor in a free market operating largely by supply and demand. ... A mixed economy is aspects of both.

Answer 2

$\sf\red{ Capitalist \:Economy}$

A capitalist economy, also called market economy or capitalism is defined as the one in which means of production are owned by the individuals and the individuals are free to take their economic decisions as guided by the principle of profit maximisation.

$\sf\red{Socialist \: Economy}$

A socialist economy is the one in which there is a social ownership of the means of production and economic decisions are taken by some Central authority of the government with a view to maximize social welfare. It is assumed that the government knows what is the best for the country and so individual desires are not given priorities.