Introducing Mixed Economy
This can be defined as the type of economic system in which both the private and public ownership of the means of production and
distribution exist together in the country.
Under this economic system, resources or means of production are jointly owned and managed by both private and public interests.
Features of the Mixed Economy
- There is joint participation of both private and public sectors in the provision of goods and services.
- Joint decisions are made by both the public and private sectors on what to produce, how to produce and for whom to produce.
- Consumers have freedom of choice.
- The combination of both the public and private sectors helps to put checks and balances in the economy.
- There is economic freedom in the area of production, consumption and distribution of commodities.
- Since the system accommodates the private and state ownership of the means of production, it results in fair competition.