ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Capitalism and Socialism
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Capitalism and Laissez-Faire
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Capitalism and Communism
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Socialism and Communism
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Detailed explanation-1: -A mixed economic system is a system that combines aspects of both capitalism and socialism.
Detailed explanation-2: -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-3: -Types of Mixed Economies #1 – Partial State Control – The ownership of factors of production. read more like a factory, machinery, the plant is owned by the private entities, and the government plays a regulatory role. #2 – Total Government Control – The state directly influences the functioning of the entities.
Detailed explanation-4: -The United States is actually referred to as a mixed market economy, meaning that it blends characteristics of both capitalism and socialism.
Detailed explanation-5: -In a capitalistic society, individuals and businesses aim to earn a profit with the production of their investment and labor in a free market operating largely by supply and demand. Socialism is when the government owns and/or controls productive enterprises. A mixed economy is aspects of both.