Question

What is market economy central planned economy and mixed economy

Answer 1

Answer:

$\bf \blue {Market/:Economy-}$

$\bf {Market\:Economy}$ is a free economy in which producers are free to decide$\bf {What\:How\:And\:Whom}$ to produce.

Motive - Maximizing Profits

$\bf \blue {Central\:Planned\:Economy-}$

$\bf {Central\:Planne\:Economy-}$ In this economy, the decisions relating to $\bf {What\:How\:And\:Whom}$ to produce are taken by some central authority appointed by government.

Motive - Maximizing social welfare

$\bf \blue {Mixed\:Economy-}$

$\bf {Market\:Economy-}$ In this economy the decisions regarding $\bf {What\:How\:And\:Whom}$ to produce are based on market forces as well as on the basis of some central authority.

Answer 2

A market economy is one in which answers to the 3 question above are determined by buyers and sellers interacting with each other without government interference.
A planned economy is one in which a central planning agency such as the government makes the major economic decisions