ECON MACRO
5th Edition
ISBN: 9781337000529
Author: William A. McEachern
Publisher: Cengage Learning
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Question
Chapter 2, Problem 4.9P
To determine
Some elements of command in the U.S. economy, market elements, and traditional elements by assuming that the United States is best described as having a mixed economy.
Concept Introduction:
The economic system is the set of mechanism and institutions that depend on three important questions: what goods and services to produce, how these goods and services to be produced, and for whom are these goods and services produced. The answers to these questions determine the type of economy. A mixed economy is an economy with the combination of free market and government control. This economic system is one where there is private ownership of some resources and public ownership of other resources. The purpose of command of government is to help them regulate the economy and make major economic decision.
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