Answer to Question #232156 in Economics for CCW

Question

Mixed Economic System:

Read the paragraph + answer questions below

1. Who controls the factors of production?
2. Describe this system, using vocab words
3. Where might you find this system in world?

Link: https://drive.google.com/file/d/1qZ8VWvIPYp_l9LnziU1IE0RQHd-7scSz/view?usp=drivesdk

Answer 1

1. Either private firms or government control the factors of production.

2. 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.

3. Almost all countries in the world have a mixed economic system.