ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the least popular type of economic system
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an economy that has all three of the other economic systems present
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an economic system that has elements of traditional, command, and/or market economies
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none of the above
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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: -Mixed economy is one in which both public and private enterprises exist together, with some level of freedom to utilize capital for profit making.
Detailed explanation-3: -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-4: -A mixed economy is an economy which has government restrictions on some but not all of the economic factors. As a result, it is an important term in macroeconomics. This is because mixed economy countries are the most prevalent in the world.
Detailed explanation-5: -#1 – Partial State Control – The ownership of factors of production. #2 – Total Government Control – The state directly influences the functioning of the entities. #3 – Public-Private Control – There is a joint venture.