Question

In your own words define socialism, capitalism and mixed economy

Answer 1

Socialism Economy is characterized by social ownership and operation of the mean of production .this system utilize market for allocating capital goods and factor of production among economic units are designated market socialism.

Capitalism is an economic system based on private ownership of the mean of production and their operation for profit.the production of goods and services is based on supply and demand in general market.

while mixed economy is defined as an economic system which is having mixture of market wuth state interventionism,referring specifically to capitalist market economieswith strong regulatory oversight and extensive interventions into market.