Economics Mixed Economy Questions
A mixed economy is an economic system that combines elements of both a market economy and a planned economy. In a mixed economy, the government and private sector coexist and play significant roles in the allocation of resources and the production of goods and services. While the market forces of supply and demand determine the prices and quantities of most goods and services, the government also intervenes to regulate certain industries, provide public goods and services, and address market failures. This combination of market mechanisms and government intervention allows for a balance between individual freedom and social welfare.