Write the merits of mixed economy.

Mixed economy utilises the pros of both capitalist and socialist. In this type of economy government control over the production of some goods essential for society as a whole, like electricity, gas etc. and private players have control over other goods and services. In this type of economy, private players have right to decide product prices, but sometimes government control to regulate the market. This type of economy provides personal freedom to people to decide what to produce and more option for consumption and market competition, meanwhile it also reduces class divide some extent. It is for balance development of undeveloped countries.