Why is Saudi Arabia considered a mixed economy (just like the US, Turkey, and Israel)?
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10 points
A. because most things in Saudi Arabia are made by hand or made in the cottage industry, and the government doesn't interfere with the economy
B. because some private corporations and entities can start businesses and choose what to produce and how much of it, but the government creates laws that regulate the economy
C. because the House of Saud makes all the decisions about the economy and no entrepreneurs or private investors can start a business without the monarch's approval
B. because some private corporations and entities can start businesses and choose what to produce and how much of it, but the government creates laws that regulate the economy.
In a mixed economy, there is a combination of both private and public ownership and control of resources and economic activities. While private corporations and entities in Saudi Arabia have the freedom to start businesses, make production decisions, and determine output quantities, the government still plays a significant role in regulating and overseeing the economy through laws, regulations, and policies.
This combination of private enterprise and government control characterizes Saudi Arabia as a mixed economy. Similar to the United States, Turkey, and Israel, Saudi Arabia allows private businesses to function and make economic decisions but also implements policies and laws to ensure fair competition, protect consumer rights, and regulate various sectors of the economy.