Explain ‘mixed economy’ in detail.
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Answer:
There are 3 types of economies, planned economy, free market economy and mixed economy.
Mixed economy is like a combination of planned and free market economy. In such an economy there are private and public sectors of the economy. The private sector is the one in which all resources are owned and controlled by the private individuals, they decide what to produce, how to produce and for whom to produce. On the other side, there exists the public sector which is owned and controlled by the government who makes all production regarding decisions. For instance, Pakistan is a mixed economy which has private business owners like telecom sectors who work for profit motives and public sectors include Railway system of Pakistan aiming at public welfare.
Explanation:
Answer:
There are 3 types of economies, planned economy, free market economy and mixed economy.