ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The US has a mixed economy; therefore, both principles of capitalism and socialism are present within the US economic system. Capitalism is when the economy has the opportunity to function based on supply and demand with little to no government regulation. Socialism is when the government regulates industries.

Detailed explanation-2: -The United States is a mixed economy, including both free market and command economies.

Detailed explanation-3: -Capitalism is the economic system in the United States. It is a market economy. Capitalism means that people, not the government, own most businesses. In the U.S., businesses decide what to sell.

Detailed explanation-4: -For example, the United States is a mixed economy, as it leaves ownership of the means of production in mostly private hands but incorporates elements such as subsidies for agriculture, regulation on manufacturing, and partial or full public ownership of some industries like letter delivery and national defense.

Detailed explanation-5: -The United States is said to have a mixed economy because privately owned businesses and government both play important roles. Indeed, some of the most enduring debates of American economic history focus on the relative roles of the public and private sectors.