Question

Explain the concept of Mixed Economy, in detail.

Answer 1

Hi!

A mixed economy is variously defined as an economic system consisting of a mixture of either markets and economic planning, public ownership and private ownership, or free markets and economic interventionism.However, in most cases, "mixed economy" refers to market economies with strong regulatory oversight and governmental provision of public goods, although some mixed economies also feature a number of state-run enterprises.

In general the mixed economy is characterized by the private ownership of the means of production, the dominance of markets for economic coordination, with profit-seeking enterprise and the accumulation of capital remaining the fundamental driving force behind economic activity. But unlike a free-market economy, the government would wield indirect macroeconomic influence over the economy through fiscal and monetary policies designed to counteract economic downturns and capitalism's tendency toward financial crises, unemployment, and growing income and wealth disparities, along with playing a role in interventions that promote social welfare.Subsequently, some mixed economies have expanded in scope to include a role for indicative economic planning and/or large public enterprise sectors.

Hoping it helps you

:D

Answer 2

Explanation of the concept of Mixed Economy, in detail is as follows:

• Aspect of socialism and capitalism are combined by system of mixed economy.
• The function of mixed economy is like giving protection to private property, allowing capital to a level of economic freedom.
• In case of interference in economic activity for sake of social aims, it allows government.
• It was established by the United States Constitution.