Question

Attempt Mixed economy model

Answer 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. According to neoclassical theory, mixed economies are less efficient than pure free markets, but proponents of government interventions argue that the base conditions such as equal information and rational market participants cannot be achieved in practical application.

Answer 2

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➡An economic system in which both the private enterprise and a degree of state monopoly coexist.

➡One main characteristic of a mixed economy is the ownership of goods by both private and government/state-owned entities.

➡The Advantages of a Mixed Economy. A mixed economy permits private participation in production, which in return allows healthy competition that can result in profit.