Question

Discuss whether or not consumers benefit more from a market economic system or a
mixed economic system.

Answer 1

Answer:

The term Mixed Economy is very broadly defined and has been used to describe economies as diverse as the United States and Cuba.

The means of production are privately owned, and markets remain the dominant form of economic coordination. However, governments wield significant influence over the economy through monetary and fiscal policy and regulation.

Characteristics of mixed economies include welfare systems, employment standards, environmental protection, publicly owned enterprises, and antitrust policies.

Keynesian economics advocates the presence of a mixed economy. This line of thought subsided between 1970 and 2000, but has regained considerable popularity after the financial crisis of 2008.