Question
What defines a mixed economy?
total government control
completely based on supply and demand
a mix of public and private industry
people live as their ancestors lived
total government control
completely based on supply and demand
a mix of public and private industry
people live as their ancestors lived
Answers
GPT-4o mini
A mixed economy is defined as **a mix of public and private industry**. In a mixed economy, both the government and private sector play significant roles in the economic decision-making process. This system combines elements of capitalism (private ownership and market-driven processes) with elements of socialism (government intervention and public ownership) to balance the needs of both the economy and society.
In a mixed economy, the government may regulate certain industries, provide public services, and implement policies to address market failures, while also allowing for individual entrepreneurship and private enterprise.
In a mixed economy, the government may regulate certain industries, provide public services, and implement policies to address market failures, while also allowing for individual entrepreneurship and private enterprise.