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Economic Systems, page 176 in text, Steven Sun (Mixed Economy (Primary:…
Economic Systems, page 176 in text, Steven Sun
Mixed Economy
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Pros: The government can make regulations to protect the environment workers, and the consumers
Cons: The government sometimes strikes the wrong balance. It may either fail to encourage business or fail to protect the people
Description: People and businesses are free to make any decisions but the government makes some decisions to regulate businesses or to improve people quality of life. The government tries to make a balance between the economy and protecting the quality of life without slowing it down as all things should be.....
Command / Socialism
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Description
The government owns or controls all of the resources , goods, and services and makes all of the economic decisions, government forces people to do as they are told.
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Market economy: in a market economy, producers and consumers make all the economic decisions. Consumers are free to decide how they will spend their money. The government tries not to interfere in business. Instead, it provides only the services that are necessary to ensure that the economy can work effectively.
Cons: Because profit is the only motive, they tend to not take measures to protect the environment
Pros: Businesses compete for the same market, they tend to keep prices down to bring in more customers
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