Mixed Economy refers to ______

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Telangana Police SI Mains Exam 2022 Official Paper 4
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  1. Coexistence of Small and Large Industries
  2. Coexistence of Agriculture and Industry
  3. Coexistence of Private and Public Sector
  4. Coexistence of Domestic and Foreign Enterprises 

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Option 3 : Coexistence of Private and Public Sector
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CT 1: Indian Polity (Making of the Constitution రాజ్యాంగాన్ని రూపొందించడం) Part 1
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The correct answer is Coexistence of Private and Public Sector

Key Points

  • A mixed economy is a system that incorporates elements of both capitalism and socialism.
  • It allows the coexistence of private enterprises and public (government-owned) enterprises in economic activities.
  • The government typically intervenes in areas like education, healthcare, and infrastructure while leaving other sectors for private players.
  • Mixed economies aim to combine the efficiency of the private sector with the welfare orientation of the public sector.

Additional Information

  • Coexistence of Small and Large Industries: This refers to an economic system where small-scale industries (e.g., handicrafts, cottage industries) and large industries (e.g., multinational corporations, heavy industries) coexist. While this is a characteristic of a developing economy, it does not define a mixed economy.
  • Coexistence of Agriculture and Industry: This refers to an economy where both agricultural and industrial sectors are important contributors to GDP. It is a structural feature of many economies but not a defining trait of a mixed economy.
  • Coexistence of Domestic and Foreign Enterprises: This refers to an economic system where domestic businesses and foreign companies operate together. This is characteristic of an open economy but does not specifically define a mixed economy.
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