ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Individuals can usually choose their own jobs and own their own property.
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The government runs all healthcare and school systems
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Businesses are regulated heavily by government organizations
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All citizens must serve in the military for two years.
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Detailed explanation-1: -A mixed economic system is a system that combines aspects of both capitalism and socialism. A mixed economic system protects private property and allows a level of economic freedom in the use of capital, but also allows for governments to interfere in economic activities in order to achieve social aims.
Detailed explanation-2: -Characteristics of Mixed Economies A mixed economy has three of the following characteristics of a market economy. First, it protects private property. Second, it allows the free market and the laws of supply and demand to determine prices. Third, it is driven by the motivation of the self-interest of individuals.
Detailed explanation-3: -The mixed economic system is defined as an economic system that combines the elements of a market economy and the elements of a planned economy. It is a synthesis of socialism and capitalism, which contains both private enterprises and public enterprises. Most modern economies implement a mixed economic system.
Detailed explanation-4: -Characteristics of a Mixed Economy It safeguards private property. It permits prices to be determined by the free market and the principles of supply and demand. It is motivated by the self-interest of people. It enables the government to protect both the people and the market.