Concept of Mixed economy Its features,merit,and demerits.

 Economic system plays an important role for the development of customers,consumers,common man,industry and nation becauses it makes policy,programme,rules,regulation for the developmen of production and concern activities of production.

There are many types of economic systems present in the world.These are Capitalism,Socialism and Mixed.Every economy has some paricular feature merit so country chooses economy according to their goal.Among all Mixed is also important type of economy that is choosed by India and popular in 20th century.

Definition-

The economy in which Public and Private sector perform their role according to rules,regulation of government for the development of country this types of economy is called Mixed economy.

In other words we can say that the economic system in which both the state and private sector perform their role in most of economic sector for the welfare of society and nation this type of economic system is called Mixed economy.

Feature-

1.It possess Public and Private sector,

2.It has maximum freedom to indidividuals.

3.It allows individuals to possess private property.

4.It has proper planning.

5.It possess price mechanism.

6.It controls monopoly power.

7.Government plays an active role.

8.It reduces economic inequalities.

9.It has sovereignity for customers.

10.It protects labor right.

Merit-

1.It encourages private sector to priticipate proper way for the development of nation.

2.Individuals have maximum freedom to perform business according to their own desire.

3.Public sectors provide their best for the development of society.

4.Private sectors provides world class product or service at right price.

5.There is maximum competition between public and price sector so both sectores do their best for the development of customers.

6.Both sectors perform their best for the development of society.

7.Both sectors perform their best for the econpmic development of nation.

8.It has economic etability because private and public sector do their best for the economic development of country.

Demerits-

1.Sometimes unhealthy competition present between private and public sector.

2,Government makes policy,programme,rules regulation for business so private sector has less freedom.

3.The cost of product or service that is produce by public sector is high.

4.The tax rate is high so the growth of private sectors affects.

5.It encourages Industry to go into debt.