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Which one of the following statements explains the essence of 'mixed economy'?
- a)Both the State and Centre divide responsibility towards economic development.
- b)Both the Public and the Private sectors play a significant role in increasing production and generation of jobs.
- c)Both the Public and the Private sectors share the profits generated in the economy equally.
- d)Both the Central and State governments have a say in the legislation controlling the economy of the country.
Correct answer is option 'B'. Can you explain this answer?
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Most Upvoted Answer
Which one of the following statements explains the essence of mixed ec...
The essence of a mixed economy is that both the public and private sectors play a significant role in increasing production and generating jobs. This means that the government and private individuals or businesses work together to drive economic growth and development.
Here is a detailed explanation of why option B is the correct answer:
1. Definition of a mixed economy:
- A mixed economy is an economic system that combines elements of both capitalism and socialism.
- In a mixed economy, the government and private individuals or businesses coexist and contribute to the economy.
2. Role of the public sector:
- The public sector refers to government-owned or controlled enterprises and organizations.
- In a mixed economy, the public sector plays a crucial role in providing essential services and infrastructure.
- The government invests in areas such as education, healthcare, transportation, and public utilities.
- These investments help create a conducive environment for private businesses to operate and thrive.
3. Role of the private sector:
- The private sector comprises privately owned businesses and enterprises.
- In a mixed economy, the private sector is responsible for most of the economic activities, including production, distribution, and employment generation.
- Private businesses are driven by profit motives and strive to meet market demands efficiently.
- They contribute to economic growth by investing in new technologies, creating jobs, and generating revenue.
4. Collaboration between the public and private sectors:
- In a mixed economy, the government and private businesses work collaboratively to achieve economic development.
- The government formulates policies and regulations that create a favorable business environment.
- It provides incentives and support to private businesses through subsidies, tax benefits, and infrastructure development.
- Private businesses, in turn, contribute to the economy by paying taxes, creating employment opportunities, and fostering innovation.
5. Benefits of a mixed economy:
- A mixed economy combines the advantages of both capitalism and socialism.
- It allows for economic freedom and competition while ensuring social welfare and equitable distribution of resources.
- The public sector addresses market failures and provides essential services that may not be adequately provided by the private sector alone.
- The private sector drives innovation, efficiency, and economic growth.
In conclusion, a mixed economy is characterized by the significant involvement of both the public and private sectors in expanding production and generating jobs. This collaborative approach combines the strengths of government intervention and private enterprise to achieve economic development and welfare.
Here is a detailed explanation of why option B is the correct answer:
1. Definition of a mixed economy:
- A mixed economy is an economic system that combines elements of both capitalism and socialism.
- In a mixed economy, the government and private individuals or businesses coexist and contribute to the economy.
2. Role of the public sector:
- The public sector refers to government-owned or controlled enterprises and organizations.
- In a mixed economy, the public sector plays a crucial role in providing essential services and infrastructure.
- The government invests in areas such as education, healthcare, transportation, and public utilities.
- These investments help create a conducive environment for private businesses to operate and thrive.
3. Role of the private sector:
- The private sector comprises privately owned businesses and enterprises.
- In a mixed economy, the private sector is responsible for most of the economic activities, including production, distribution, and employment generation.
- Private businesses are driven by profit motives and strive to meet market demands efficiently.
- They contribute to economic growth by investing in new technologies, creating jobs, and generating revenue.
4. Collaboration between the public and private sectors:
- In a mixed economy, the government and private businesses work collaboratively to achieve economic development.
- The government formulates policies and regulations that create a favorable business environment.
- It provides incentives and support to private businesses through subsidies, tax benefits, and infrastructure development.
- Private businesses, in turn, contribute to the economy by paying taxes, creating employment opportunities, and fostering innovation.
5. Benefits of a mixed economy:
- A mixed economy combines the advantages of both capitalism and socialism.
- It allows for economic freedom and competition while ensuring social welfare and equitable distribution of resources.
- The public sector addresses market failures and provides essential services that may not be adequately provided by the private sector alone.
- The private sector drives innovation, efficiency, and economic growth.
In conclusion, a mixed economy is characterized by the significant involvement of both the public and private sectors in expanding production and generating jobs. This collaborative approach combines the strengths of government intervention and private enterprise to achieve economic development and welfare.
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Which one of the following statements explains the essence of mixed ec...
In a mixed economy, the means of production are shared between the Private and Public sectors. They are responsible for increasing production as well as for the generation of jobs.
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Which one of the following statements explains the essence of mixed economy?a)Both the State and Centre divide responsibility towards economic development.b)Both the Public and the Private sectors play a significant role in increasing production and generation of jobs.c)Both the Public and the Private sectors share the profits generated in the economy equally.d)Both the Central and State governments have a say in the legislation controlling the economy of the country.Correct answer is option 'B'. Can you explain this answer?
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Which one of the following statements explains the essence of mixed economy?a)Both the State and Centre divide responsibility towards economic development.b)Both the Public and the Private sectors play a significant role in increasing production and generation of jobs.c)Both the Public and the Private sectors share the profits generated in the economy equally.d)Both the Central and State governments have a say in the legislation controlling the economy of the country.Correct answer is option 'B'. Can you explain this answer? for CTET & State TET 2024 is part of CTET & State TET preparation. The Question and answers have been prepared according to the CTET & State TET exam syllabus. Information about Which one of the following statements explains the essence of mixed economy?a)Both the State and Centre divide responsibility towards economic development.b)Both the Public and the Private sectors play a significant role in increasing production and generation of jobs.c)Both the Public and the Private sectors share the profits generated in the economy equally.d)Both the Central and State governments have a say in the legislation controlling the economy of the country.Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for CTET & State TET 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which one of the following statements explains the essence of mixed economy?a)Both the State and Centre divide responsibility towards economic development.b)Both the Public and the Private sectors play a significant role in increasing production and generation of jobs.c)Both the Public and the Private sectors share the profits generated in the economy equally.d)Both the Central and State governments have a say in the legislation controlling the economy of the country.Correct answer is option 'B'. Can you explain this answer?.
Which one of the following statements explains the essence of mixed economy?a)Both the State and Centre divide responsibility towards economic development.b)Both the Public and the Private sectors play a significant role in increasing production and generation of jobs.c)Both the Public and the Private sectors share the profits generated in the economy equally.d)Both the Central and State governments have a say in the legislation controlling the economy of the country.Correct answer is option 'B'. Can you explain this answer? for CTET & State TET 2024 is part of CTET & State TET preparation. The Question and answers have been prepared according to the CTET & State TET exam syllabus. Information about Which one of the following statements explains the essence of mixed economy?a)Both the State and Centre divide responsibility towards economic development.b)Both the Public and the Private sectors play a significant role in increasing production and generation of jobs.c)Both the Public and the Private sectors share the profits generated in the economy equally.d)Both the Central and State governments have a say in the legislation controlling the economy of the country.Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for CTET & State TET 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which one of the following statements explains the essence of mixed economy?a)Both the State and Centre divide responsibility towards economic development.b)Both the Public and the Private sectors play a significant role in increasing production and generation of jobs.c)Both the Public and the Private sectors share the profits generated in the economy equally.d)Both the Central and State governments have a say in the legislation controlling the economy of the country.Correct answer is option 'B'. Can you explain this answer?.
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