Mixed economy refers to a system in which the means of production are controlled by
Answer Details
A mixed economy is a system where both private enterprises and the government have control over the means of production. This means that some industries and services are owned and operated by private individuals or companies, while others are owned and run by the government. In a mixed economy, the government may regulate certain industries and provide public services like healthcare and education, while other sectors such as retail and manufacturing are left to private businesses. The idea behind a mixed economy is to combine the advantages of both capitalism and socialism, creating a balance between private enterprise and government intervention to promote economic growth and social welfare.