Answer:
A Mixed Economy exhibits characteristics of both market and planned economies, with private and state sectors providing direction.
Step-by-step explanation:
- A mixed economy allows private participation in production while ensuring that society is protected from the full swings of the market.
- Mixed economies allow many more freedoms than command economies, such as the freedom to possess the means of production; to participate in managerial decisions; to buy, sell, fire, and hire as needed; and for employees to organize and protest peacefully.
- Mixed economies have a high level of state participation and spending, leading to tax-funded libraries, schools, hospitals, roads, utilities, legal assistance, welfare, and social security.
- Various restrictions on business are made for the greater good, such as environmental regulation, labor regulation, antitrust and intellectual property laws.
- The ideal combination of these freedoms and restrictions is meant to ensure the maximum standard of living for the population as a whole.