Mixed Economy ­US has elements of all 3 ­because we are ...

[Pages:4]Chapter 2.notebook

September 09, 2015

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NO pure economies today.

Mixed Economyall nations today have a combo of 23 pure economies

US has elements of all 3

because we are closest to a market (but not pure) we have a capitalist economy

we have limited govt regs, some tradition, we are free to do as we please otherwise

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Democratic Socialist Economy people are more in control govt is in control of a small part of the economyit may own a few key industries

ex: GBmedical, steel, coal, rr Frtransportation

Authoritarian Socialist economy govt is in control of most of the economyit owns most resources and industries China, Cuba, North Korea

privatization (for investment)

nationalizing industries

multinational corporation

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September 09, 2015

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Advantages of capitalist/market economies

individuals are free to make choices and develop our own self interests

govt involvement is limited to regulating for consumer/producer safety

profitmotive insures resources are used efficiently

rewarded financially for being efficient competition is encouraged

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Chapter 2.notebook

September 09, 2015

Section 4 Mixed Economies

hilight examples of traditional with yellow underline examples of command with red hilight examples of market with green

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