co-existence of small scale and large scale industries
Incorrect Answerco-existence of the rich and the poor
Incorrect Answerco-existence of private and public sector
Correct Answerassigning equal importance to both agriculture and heavy industries
Incorrect AnswerExplanation:
- Option 1: The coexistence of small-scale and large-scale industries doesn't define a mixed economy, which encompasses both ownership and management.
- Option 2: Having both rich and poor populations is a feature of many economies, rather than a defining characteristic of a mixed economy.
- Option 3: A mixed economy is characterized by the coexistence of both private and public sectors in economic activity, blending free market principles with government intervention.
- Option 4: Assigning equal importance to agriculture and heavy industries doesn't capture the essence of how ownership and control of resources are divided.
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By: Parvesh Mehta