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Question
______ is an economic system which has elements of both capitalism and socialism.
Options
Unplanned economy
Developed economy
Underdeveloped economy
Mixed economy
MCQ
Fill in the Blanks
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Solution
Mixed economy is an economic system which has elements of both capitalism and socialism.
Explanation:
A mixed economy is an economic system that incorporates elements of both capitalism and socialism. It features the coexistence of public and private sectors, allows economic planning alongside market mechanisms, and aims to balance individual freedom with social welfare. This system is considered suitable for developing countries as it combines the advantages of both capitalism and socialism, ensuring proper allocation of resources, economic stability, individual freedom, and balanced growth.
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