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The term “Mixed Economy” denotes:
- a)Co-existence of both consumers and producers good’s industries in the economy.
- b)Co-existence of both private and public sectors in the economy.
- c)Co-existence of both rural and urban sectors in the economy.
- d)Co-existence of both large and small industries in the economy.
Correct answer is option 'B'. Can you explain this answer?
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The term “Mixed Economy” denotes:a)Co-existence of both co...
Understanding Mixed Economy
A mixed economy is a system that combines elements of both capitalism and socialism. It integrates the strengths of private enterprise with government intervention, aiming to balance economic efficiency with social equity.
Key Features of a Mixed Economy
- Co-existence of Private and Public Sectors:
In a mixed economy, both private individuals and government play significant roles in the economic framework. The private sector drives innovation and competition, while the public sector ensures welfare and addresses market failures.
- Efficient Resource Allocation:
The presence of private enterprises encourages competition, leading to efficient resource allocation. Meanwhile, government intervention can correct inefficiencies and provide public goods that the market may overlook.
- Social Welfare:
Governments in a mixed economy implement policies to promote social welfare, such as public healthcare, education, and social security, ensuring that essential services are accessible to all.
- Flexibility in Economic Management:
A mixed economy allows for flexibility in policy-making, enabling governments to respond effectively to economic fluctuations, such as recessions or booms, while still fostering entrepreneurial spirit.
Conclusion
The correct answer to the term “Mixed Economy” is option 'B' because it emphasizes the crucial role of both the private and public sectors co-existing to create a balanced economic environment. This blend aims to harness the benefits of capitalism while ensuring that social needs and equity are addressed through government intervention.
A mixed economy is a system that combines elements of both capitalism and socialism. It integrates the strengths of private enterprise with government intervention, aiming to balance economic efficiency with social equity.
Key Features of a Mixed Economy
- Co-existence of Private and Public Sectors:
In a mixed economy, both private individuals and government play significant roles in the economic framework. The private sector drives innovation and competition, while the public sector ensures welfare and addresses market failures.
- Efficient Resource Allocation:
The presence of private enterprises encourages competition, leading to efficient resource allocation. Meanwhile, government intervention can correct inefficiencies and provide public goods that the market may overlook.
- Social Welfare:
Governments in a mixed economy implement policies to promote social welfare, such as public healthcare, education, and social security, ensuring that essential services are accessible to all.
- Flexibility in Economic Management:
A mixed economy allows for flexibility in policy-making, enabling governments to respond effectively to economic fluctuations, such as recessions or booms, while still fostering entrepreneurial spirit.
Conclusion
The correct answer to the term “Mixed Economy” is option 'B' because it emphasizes the crucial role of both the private and public sectors co-existing to create a balanced economic environment. This blend aims to harness the benefits of capitalism while ensuring that social needs and equity are addressed through government intervention.
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The term “Mixed Economy” denotes:a)Co-existence of both co...
Correct answer is B , co- existence of both public and private sector in the economy.
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The term “Mixed Economy” denotes:a)Co-existence of both consumers and producers good’s industries in the economy.b)Co-existence of both private and public sectors in the economy.c)Co-existence of both rural and urban sectors in the economy.d)Co-existence of both large and small industries in the economy.Correct answer is option 'B'. Can you explain this answer?
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