<u>In a mixed market economy, property owned by an individual can help promote personal wealth.
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Further explanation:
A mixed economy is the one that is characterized by both capitalism and socialism. In this mixed economy, private players can own, control and operate the means of production, but the government is also assigned a role to interfere in between to achieve social goals. A mixed economy protects private property which promotes personal wealth.
Justification for the correct and incorrect answer:
can be used by all citizens: This option is incorrect.
In a mixed economy, private property rights ensure no usage of private property by other citizens. Thus, property owned by an individual cannot be used by all citizens in a mixed economy.
can be run by a city or state: This option is incorrect.
The government is assigned a role in a mixed economy to intervene in the free markets to achieve social goals. But the government does not have any right over the property owned by an individual.
can help promote personal wealth: This option is correct.
In a mixed economy, property rights ensure an individual to use the owned property solely. The property owned by an individual can help in promoting personal wealth.
can be used by government workers: This option is incorrect.
In a mixed economy, government workers are assigned a role to ensure social goals like low levels of inequality and the affordable price of goods and services. Private property rights prevent government workers from using an individual’s property in a mixed economy.
<u>Therefore, property owned by an individual can help promote personal wealth in a mixed economy.
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Learn more:
1. Learn more about market intermediary
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2. Learn more about the competitive market
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3. Learn more about market fluctuations
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Answer details:
Grade: Senior School
Subject: Economics
Chapter: Types of Economy
Keywords: mixed market economy, property, owned by an individual, used by all citizens, can be run by a city or state, can help promote personal wealth, can be used by government workers, private property rights, property rights, personal wealth, types of economy, mixed economy.
