The term "mixed economy" refers to an economy:
A)comprised of both product and resource markets.
B)which engages in both domestic and international trade.
C)comprised of both extensive private markets and government involvement in the economy.
D)which functions primarily on the basis of custom and tradition.

Question

Quizplus · Accepted Answer

A mixed economy refers to an economic system that has elements of both capitalism (extensive private markets) and socialism (government involvement in the economy). This means that the economy is not entirely controlled by either the private sector or the government. The government intervenes in the economy to provide public goods and services such as education, healthcare, and infrastructure, while the private sector operates freely in the market to produce goods and services for profit.

The Term "Mixed Economy" Refers to an Economy