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Which of the following does not come under the features of a mixed economy
minimum role of price mechanism
consumer sovereignty and freedom of choice
enhance economic growth with social justice incentive for innovation and technological programs?
minimum role of price mechanism
consumer sovereignty and freedom of choice
enhance economic growth with social justice incentive for innovation and technological programs?
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Which of the following does not come under the features of a mixed eco...
Understanding Mixed Economy Features
A mixed economy combines elements of both capitalism and socialism, integrating free market principles with government intervention. Among the features listed, “minimum role of price mechanism” does not align with the characteristics of a mixed economy.
Minimum Role of Price Mechanism
- In a mixed economy, the price mechanism plays a significant role in resource allocation.
- Prices are influenced by supply and demand, allowing for flexibility in markets.
- The government intervenes to correct market failures but does not minimize the price mechanism's role.
Consumer Sovereignty and Freedom of Choice
- Consumer sovereignty ensures that consumer preferences dictate production and pricing.
- Freedom of choice allows individuals to make their own economic decisions, fostering competition and innovation.
Enhancing Economic Growth with Social Justice
- A hallmark of mixed economies is the balance between economic growth and equitable wealth distribution.
- Governments implement policies to promote social welfare while encouraging economic development.
Incentive for Innovation and Technological Programs
- Mixed economies encourage innovation through private enterprise while supporting research and development via public funding.
- This dual approach fosters technological advancements that drive economic growth.
In summary, while features like consumer sovereignty, social justice, and innovation incentives are integral to a mixed economy, the concept of a “minimum role of price mechanism” is inconsistent with its fundamental principles. The price mechanism remains vital, even in the presence of government interventions.
A mixed economy combines elements of both capitalism and socialism, integrating free market principles with government intervention. Among the features listed, “minimum role of price mechanism” does not align with the characteristics of a mixed economy.
Minimum Role of Price Mechanism
- In a mixed economy, the price mechanism plays a significant role in resource allocation.
- Prices are influenced by supply and demand, allowing for flexibility in markets.
- The government intervenes to correct market failures but does not minimize the price mechanism's role.
Consumer Sovereignty and Freedom of Choice
- Consumer sovereignty ensures that consumer preferences dictate production and pricing.
- Freedom of choice allows individuals to make their own economic decisions, fostering competition and innovation.
Enhancing Economic Growth with Social Justice
- A hallmark of mixed economies is the balance between economic growth and equitable wealth distribution.
- Governments implement policies to promote social welfare while encouraging economic development.
Incentive for Innovation and Technological Programs
- Mixed economies encourage innovation through private enterprise while supporting research and development via public funding.
- This dual approach fosters technological advancements that drive economic growth.
In summary, while features like consumer sovereignty, social justice, and innovation incentives are integral to a mixed economy, the concept of a “minimum role of price mechanism” is inconsistent with its fundamental principles. The price mechanism remains vital, even in the presence of government interventions.
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Which of the following does not come under the features of a mixed economy minimum role of price mechanism consumer sovereignty and freedom of choice enhance economic growth with social justice incentive for innovation and technological programs?
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Which of the following does not come under the features of a mixed economy minimum role of price mechanism consumer sovereignty and freedom of choice enhance economic growth with social justice incentive for innovation and technological programs? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Which of the following does not come under the features of a mixed economy minimum role of price mechanism consumer sovereignty and freedom of choice enhance economic growth with social justice incentive for innovation and technological programs? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following does not come under the features of a mixed economy minimum role of price mechanism consumer sovereignty and freedom of choice enhance economic growth with social justice incentive for innovation and technological programs?.
Which of the following does not come under the features of a mixed economy minimum role of price mechanism consumer sovereignty and freedom of choice enhance economic growth with social justice incentive for innovation and technological programs? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Which of the following does not come under the features of a mixed economy minimum role of price mechanism consumer sovereignty and freedom of choice enhance economic growth with social justice incentive for innovation and technological programs? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following does not come under the features of a mixed economy minimum role of price mechanism consumer sovereignty and freedom of choice enhance economic growth with social justice incentive for innovation and technological programs?.
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