What is one way to describe a mixed economy
http://www.investopedia.com/terms/m/mixed-economic-system.asp
Thanks Ms sue But The Website URL Is Blocked On My Computer
That's strange. Investopedia is an excellent source of economics knowledge.
Try this site for children.
http://www.ducksters.com/money/economics.php
That one works thanks ms sue
You're welcome.
One way to describe a mixed economy is as an economic system that combines elements of both market and planned economies. In a mixed economy, there is a mix of private ownership and government control over the means of production and distribution of goods and services.
To further understand and describe a mixed economy, you can follow these steps:
1. Start by identifying the characteristics of a market economy. This includes private ownership, individual decision-making, and the operation of the economy based on supply and demand. You can research the features of a market economy to gain a clearer understanding.
2. Next, explore the features of a planned economy. In a planned economy, the government controls major aspects of production, distribution, and resource allocation. This involves central planning and government ownership of key industries. Understanding how a planned economy operates will help to differentiate it from a market economy.
3. Once you have a grasp of both market and planned economies, you can then recognize that a mixed economy combines elements of both. In a mixed economy, some industries are privately owned and operate under market principles, while others are publicly owned or regulated by the government.
4. Finally, in your description of a mixed economy, you can emphasize the coexistence of private and public sectors, the presence of government intervention to ensure social welfare and economic stability, and the balance between market forces and central planning.
By following these steps and researching the key characteristics of market and planned economies, you can effectively describe a mixed economy and understand how it functions.