ECONOMICS (CBSE/UGC NET)

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: -The United States is actually referred to as a mixed market economy, meaning that it blends characteristics of both capitalism and socialism.

Detailed explanation-3: -There are many different types of economic systems used throughout the world. Some examples are socialism, communism, and capitalism. The United States has a capitalistic system.

Detailed explanation-4: -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-5: -The United States is often seen as having a democratic capitalist political-economic system. Democratic capitalism, also known as capitalist democracy, is a political, economic, and social system and ideology based on a tripartite arrangement of a market-based economy that is based predominantly on a democratic polity.