ECONOMICS
OPPORTUNITY COST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Economy where industry is publicly owned & there is a central authority (government) making production & consumption decisions.
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Economy where decisions of individual producers & consumers determine what / how / for whom to produce (no government).
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Economic system where both the state & private sector direct the economy.
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System where traditions, customs, & beliefs shape the goods & services society creates.
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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 defined by the co-existence of a public and private sector.
Detailed explanation-3: -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-4: -Mixed economy is one in which both public and private enterprises exist together, with some level of freedom to utilize capital for profit making. However, government interference is expected to achieve social aims. It is, however, coexistence of capitalism and socialism. Was this answer helpful?
Detailed explanation-5: -Examples include the economies of China, Norway, Singapore, and Vietnam-all of which feature large state-owned enterprise sectors operating alongside large private sectors.