Question

Meaning and definition of capitalism,socialism and mixed economy

Answer 1

Capitalism is one of economic systems in which means of production are owned and managed by private individuals and institutions.They are at liberty to use any technique of production and produce anything they like.
Socialism is that part of economic systems which the means of production are owned and managed by the State. Private ownership of means of production is not allowed. People can have personal property which is transferable and inheritable.
Mixed economy is a part of economic systems which combines in itself the features of Capitalism and that of the Socialism. Unlike a pure capitalistic economy, it has an important public sector i.e. a number of industries are owned and managed by the state.

Answer 2

Capitalist economy- capitalist economy is an economy in which means of production are owned by individual and they are free to take their economic decision.

Socialist economy- A socialist economy is the one in which there is a social ownership of the means of production and economic decision are taken by some central authority of the government with a view to maximise social welfare