ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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It’s a mix of two (or three) of the economic systems we’ve discussed
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It’s like a command, but the person in charge is nicer
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A traditional economy, but you sell AWAY from your community
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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: -A mixed economy is variously defined as an economic system blending elements of a market economy with elements of a planned economy, markets with state interventionism, or private enterprise with public enterprise. Common to all mixed economies is a combination of free-market principles and principles of socialism.
Detailed explanation-3: -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-4: -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-5: -Producers and consumers make some economic choices while the government makes others.