Amy Nguyen Mixed-Market Economy Period 2 (Bibliography (My interactive…
Amy Nguyen Mixed-Market Economy Period 2
My interactive notebook (source for biography of mixed-market economy, what to produce?, how to produce?, and whom to produce?)
Investopedia (United States source)
Boundless (advantages for mixed-market economy source)
Definition for private enterprise (Australia source)
Reference (Australia source)
The Balance (advantages/disadvantages of mixed-market economy source)
FutureOfWorking (disadvantages of mixed-market economy source)
Countries with this system
Australia has a private enterprise meaning businesses can compete with each other without the government controlling the industry, however the government can also regulate businesses. This is why Australia is considered as a mixed-market economy
According to Investopedia, the United States is clearly a mixed-market economy because the government controls and provides things to businesses. In the United States, businesses are required to register with the government because most of them have to have a license accepted by the government. Also, businesses can only advertise if they have permission from the FTC.
FUN FACT: The United States is the most successful mixed economy in history!
Information about this economic system
A mixed-market economy is a type of economic system where it is usually a combination of a market and a command economy, but it is a bit closer to a market economy. This means both the government and the businesses are the regulators.
How to produce?
Since this economic system is a mix of command and market, businesses can produce and control what they want but the government also regulates certain industries.
Whom to produce?
People produce to consumers or whoever will buy the businesses' products .
What to produce?
In a mixed-market economy businesses control what to produce. They do not base decisions on supply and demand and free enterprise.
Examples: U.S.A, Australia, Sweden, France, Norway
Advantages/Disadvantages of a mixed-market economy
Unlike a command economy, mixed-market economies have more freedom for businesses to do things. This means businesses are free to produce whatever they want, and they can buy, sell, or hire, etc.
Since mixed economies have both the businesses and the government to regulate it, this economic system can focus on some things market economies wouldn't focus on. For example, market economies won't focus on things such as defense or technology, but with the government's help, mixed economies can have things like that.
Since the government is in charge, it can cause nationalization. It can also cause the government to go too far and can start to control everything like a command economy.