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Transcript

A mixed economy is a market based economic system in which the government is involved to some extent. Another name for the Mixed economy system would be Socialism or Capitalism.

In mixed economies, people believe in government control to an extent and an economic doctrine that opposes governmental regulation of or interference in commerce beyond the minimum necessary for a free-enterprise system to operate according to its own economic laws, also known as laissez-faire.

Mixed economies express characteristics of mainly capitalism and socialism.

  • Capitalism expresses the idea that a country's trade and industry are controlled by private owners for profit. With the mixed economy, some of the country's trade and industries are run by private owners as well.
  • Socialism is an economy that advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.

In a mixed economy a mixture of the government and people determine what's to be produced. In a mixed economy the government produces the products the public feels the government needs to produce that private firms don't or can't. Private firms however, produce what ever they want, how ever they want, and to whom they want.

  • One advantage of the mixed economy is that they practice privatization, which is the process of selling businesses or services operated by the government to individual investors then allowing them to compete in the market-place, allowing businesses to trade freely.
  • Also they have a free enterprise market, an economic system characterized by private or corporate ownership of capital goods.
  • Lastly, it has private firms that are more efficient than government firms, and they reduce the amount of government control.
  • One disadvantage is that often there are times where countries don't know how much government should intervene in an economy.
  • Also mixed economies are often criticized by socialists for allowing too much market forces, leading to inequality and an inefficient allocation of resources.

Advantages

Disadvantages

Characteristics

Three Economic questions

Mixed Economy

The term mixed economy came to be during the post war period during a political debate in the United Kingdom. Although, the set of policies were advocated from the 1930's.

Historical Background

4th Period:Sylvester

Damion Boyd

Ledondrick Chapman

Ty'Velle Williams

Walter Hawthorne

"Mixed Economy"

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