ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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An economy that overlaps with other economic structures.
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An economy that follows traditional customs.
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An economy that does not overlap with other economic structures.
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An economy that does not exist.
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Detailed explanation-1: -A mixed economy is an economy organized with some free-market elements and some socialistic elements, which lies on a continuum somewhere between pure capitalism and pure socialism.
Detailed explanation-2: -Producers and consumers make some economic choices while the government makes others.
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: -A combination of free market principles of private contracting and socialist principles of state ownership or planning is common to all mixed economies.
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.