What is Mixed Economy?
Mixed economy is the type of economic system in which both the private and public ownership of means of production and distribution exist together in a country.
In this type of economic system, resources and means of production are jointly owned and managed by both public and private interest.Examples of countries which practice mixed economy are Nigeria, Britain, Egypt, Peru, kenya, Mexico, etc.
Main Features Of Mixed Economy System
1.Joint Partipation :- In a mixed economy system,there is always a joint participation of both the private sector and the state in the provision of goods and services
2.Joint Decisions :- decisions on what to produce, whom to produce and how to produce are jointly taken by both the private and public sector.
3.Freedom Of choice :- Consumers in this type of system have freedom of choice. Producer produce goods and services based on consumer need.
4.Check And Balances :- The combination of both private and public sector helps to put a lot of checks and balances in the economy.
5. Fair Competition :- Since the system allows both the private and ownership of means of production ,iy actually results in fair competition.