Question

Based on the information in the passage, it is most likely that Joe lives in a __ economy.

The building that Joe is interested in purchasing would be consider __

Answer 1

Based on the information in the passage, it is most likely that Joe lives in a

mixed market economy.

The building that Joe is interested in purchasing would be considered

private property

Step-by-step explanation:

Answer 2

mixed market

private property

Step-by-step explanation:

A mixed economic market is an economic market that provides protection of the private properties and renders freedom to the economy too. It also provides permission to the government to intervene in economic transactions and activities. The elements of capitalism and socialism can be observed in this type of economy.

The economy in which Joe lives can be termed to be a mixed market economy. His plan to purchase the apartment house is equivalent to purchasing the private property. At the same time, the role of the government is also prevalent as it has to undergo the system as per the guidelines of the government. The property that Joe would purchase would be his private property.