Jadelyne P. Elizabeth L. Zoie G. Keily O.
Characteristics of a Mixed Economy
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.
Mixed economies in Vietnam, Cuba, and the former Soviet Union.
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.