ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Private ownership of the factors of production and regulation of businesses by government
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Market exchanges answer all three of the big economic questions
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Family customs and traditions determine what and how to produce a good
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Government answers all three of the big economic questions
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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: -Ownership of factors of production in a mixed economy In a mixed economy, the ownership of factors of production such as land, labor, capital, and entrepreneurship are shared by both private individuals and the government.
Detailed explanation-3: -Which of the following is a correct statement about a mixed economy? In a mixed economy, most economic decisions are made in markets but the government plays a significant role in the allocation of resources.
Detailed explanation-4: -Capitalism is often thought of as an economic system in which private actors own and control property in accord with their interests, and demand and supply freely set prices in markets in a way that can serve the best interests of society. The essential feature of capitalism is the motive to make a profit.