MIxed Economy

Jadelyne P. Elizabeth L. Zoie G. Keily O.

Characteristics of a Mixed Economy

Most distinguishing feature of a market or capitalist economy is the private ownership of productive resources and the freedom to use them as the owner sees it.

Under socialism, private individuals own only some of the productive resources, while the government owns and uses the rest.

In traditional economy, almost all of the major decisions are made according to tradition, making progress and change very difficult.

Advantages

One advantage of a mixed economy is that it provides assistance for some people who might be left out of the country's economic progress .

Mixed economies in Vietnam, Cuba, and the former Soviet Union.

Disadvantages

Tend to provide more goods and service, but the costs of these benefits can be expensive.

Socialism and communism have proved to be less efficient than capitalism.

Example, if workers receive gov't guarantees of jobs, more workers may be hired in a plant than are necessary, driving up production costs.

Is it a viable place to live? How is it better than the others?

It is a viable pace to live because you can pursue different options and what you want the economy to look like.
Mixed Economy