ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Mixed Economy
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Traditional Economy
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Free Enterprise
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Command Economy
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Detailed explanation-1: -The U.S. has a mixed economy, exhibiting characteristics of both capitalism and socialism. Such a mixed economy embraces the free market when it comes to capital use, but it also allows for government intervention for the public good.
Detailed explanation-2: -Capitalism is the economic system in the United States. It is a market economy. Capitalism means that people, not the government, own most businesses.
Detailed explanation-3: -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.
Detailed explanation-4: -Countries like the United States, United Kingdom, Germany, France, Russia, and China currently have mixed economies.
Detailed explanation-5: -There are two types of mixed economies: The government sets up industries of its own and invests its own capital and purchases or hires the productive resources and takes the risk of profit or loss like an ordinary entrepreneur. There are also Joint Sector which is shared both by Private and the Public Sector.