A system characterized by the private ownership of some resources and the public ownership of other resources and where some markets are regulated by government is known as a(n)_____.

Question

Quizplus · Accepted Answer

A mixed system is characterized by a combination of private ownership and public ownership of resources, as well as government regulation of some markets. This type of system is also sometimes referred to as a mixed economy. Option A, traditional systems are characterized by customs and traditions that dictate resource allocation; option B, transitional systems refer to economies in the process of shifting from one economic system to another; option C, pure command systems are characterized by public ownership of all resources and central planning by the government; and option E, pure capitalist systems are characterized by private ownership of all resources and an absence of government regulation.

A System Characterized by the Private Ownership of Some Resources