Mixed and Market Economies
Examples of Mixed and Market Economies
below are mixed economies. Some of the economy is managed by the government but the rest are left to individuals.
- United States
- United Kingdom
- Everyone who isn't in a traditional or command economy
- Economic and Political Freedom
- Limited government involvement
- Consumer Sovereignty
- Private Property
- Voluntary Exchange so that I can agree to do business with another person based off of the benefits of it
- You may have a hard time deciding how much the government should intervene and if you need it
- A market economy can't provide security for those who need it like if you're sick or underage and can't work
What will be produced?
With mixed/market economies usually it is up to the individual to figure out what it is that they want to produce. Consumer sovereignty choose what to produce by compelling the producers to produce what the people want.
How should it be Produced?
Profit is a big deal in any economy so in a mixed/market economy they would produce it in a way that it won't be too much but still be able to make a profit off of their product.
For whom will it be produced?
It will be produced for whoever demanded that the product be in supply. Or if it's a toy then obviously it is produced for kids.