Explain mixed economic system. What are its main features, merits and demerits?

A mixed economic system is an economic framework that incorporates elements of both capitalism and socialism. It allows private individuals and businesses to operate freely in the market while also permitting government intervention to ensure economic stability, social welfare, and equitable distribution of resources. This system seeks to balance economic efficiency with social equity, leveraging the strengths of both market-driven and state-controlled economies.

## Features of a Mixed Economic System  

1. Coexistence of Public and Private Sectors  
   In a mixed economy, both private businesses and government enterprises function together. The private sector operates under market forces, while the government controls key industries such as defense, healthcare, and public utilities.

2. Government Regulation and Intervention  
   The government plays a crucial role in regulating economic activities to prevent monopolies, reduce income inequality, and ensure social welfare. It enforces labor laws, environmental policies, and anti-trust regulations to maintain fairness in the market.

3. Market Mechanism with Social Welfare Policies  
   Prices of goods and services are primarily determined by supply and demand. However, the government intervenes to control essential goods’ prices and provide subsidies to ensure affordability for the lower-income population.

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