According to the five economic principles, it makes good economic sense to open a steel mill near Detroit, Michigan, where there are a lot of skilled laborers.
The US has a mixed economy, meaning its economic structure include elements of both capitalism and socialism. When the economy has the chance to run on the principles of supply and demand with little to no government regulation, that is capitalism. The right to private property, competition, profit as an incentive, and consumer sovereignty are the five guiding principles of the U.S. economic system of free enterprise.
The question is incomplete. The complete question is:
The U.S. iron mines are currently located in Michigan and Minnesota. The U.S. is one of the largest consumers of steel. According to the five economic principles, it makes good economic sense to_____.
A. sell the iron ore to the highest bidder
B. ship the ore to India, where labor is super cheap
C. open a steel mill near Detroit, Michigan, where there are a lot of skilled laborers
D. stop producing steel and iron
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