write a short note about mixed economy
Answers
Answer:
➤ Mixed economy:An economy in which means of production are partly in hands of government and partly in private sector is known as mixed economy.
➤ India is a mixed type economy country
Explanation:
Mixed economy works as the middle way to adopt good points and ignore bad points of both market system and socialist system. The public and private sector, together enjoy decision making, management and ownership of business units.
Mixed economy is free from any major interference of the state. However, due to government’s intervention in various important sectors, the evil of monopoly, high profiteering, adulteration and duplication are controlled. Economic planning is always in the centre in the process of economic decision in the mixed economy. Social welfare increases in mixed economy.