Good afternoon class. Remember that learning is a continuous process. What it means therefore , is that everyday of our lives involves learning. Having established that , let us pay attention to this topic that I will introducing now.
Mixed economy I.e. the mixture of capitalism and socialism.
I will break the both of them down before moving forward to defining mixed economy in a more economic term.
Because of the fact that I taught socialism with you guys the last time that I came, I won’t be explaining it again.
Capitalism may be defined as an economic system whereby private individuals plays active role in the production of goods and services. In this economic system, the government does not involve much on the productive activities going on in the country.
The combination of socialism and capitalism forms mixed economy.
Mixed economy is an economic system that accommodates two different ideologies. In other words , its a time where the state and the private sector and individuals takes part in the production of goods and services.
CHARACTERISTICS OR FEATURES OF MIXED ECONOMY.
1.state and private individuals participations in the means of production, the state and the individuals shares identical views on how to move the country forward.
2. Rule of the law.this principle is adapted to ensure that nobody’s right is been violated.
3.means of production is usually between the state and private individuals.
4. Its in a bid to promote choice making, in other to facilitate democratized world .
5.Competition is another important attribute of mixed economy. This is because it makes each of the producer wanting to produce more.both in quality and in look as well.