ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Traditional
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Mixed
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Market
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Command
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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: -For example, the United States is a mixed economy, as it leaves ownership of the means of production in mostly private hands but incorporates elements such as subsidies for agriculture, regulation on manufacturing, and partial or full public ownership of some industries like letter delivery and national defense.
Detailed explanation-4: -Countries like the United States, United Kingdom, Germany, France, Russia, and China currently have mixed economies.
Detailed explanation-5: -The U.S. economy is essentially a free market economy-an economic market that is run by supply and demand-with some government regulation.