Question

What is mixed economy explain its characteristics?

Answer 1

A mixed economy includes features of centrally planned economy as well as free market economy. It can also be called a two wheel economy which is run by government and private individuals. 

It is a mixture of capitalism and socialism. Private individuals are not given total freedom to do as they wish, government intervention is present to control and regulate private enterprises. 

Mixed economy relies on price mechanism for economic organisations, however it also uses government intervention mechanisms such as taxes, subsidies etc. to reduce chances of market failure.

Answer 2

Answer:

Explanation:

Mixed economy :---

India adopted mixed economy. In this type of economy set up there are both government and private emphasize working in agricultural, industries and service sector.

The government took initiative to setup heavy industries in build dams . These dams were rightly called the temples of modern India by Jawaharlal Nehru.

The public sector developed infrastructure and mobilised resources . The private sector however worked in limited area..