Question

A _____ economic system can be characterized by some government involvement and private ownership of most business.

Answer 1

The answer is the market

Further Explanation

As one of the developed countries in the world, Australia has the same economic system as the United States and the United Kingdom, Australia has a liberal (market) economic system. The country has successfully recorded a high GDP per capita and pushed poverty rates quite high.

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Details

Class: High School

Subject: History

Keyword: Australian economic system

Answer 2

A mixed economic system can be characterized by some government involvement and private ownership of most business.

Explanation:

Economic system is any of the ways in which humankind has arranged for its material provisioning.

Economic system is the way scarce resources get distributed within an economy determines the type of economic system. There are four types of economies:

• Traditional economy
• Market economy
• Command economy
• Mixed economy

A mixed economic system is the system that combines aspects of both capitalism and socialism. It protects private property and allows a level of economic freedomk in the use of capital, also allows for governments to interfere in economic activities in order to achieve social aims.

There are three main types of economies such as the free market, command, and mixed. The advantages of mixed economy  are:

• It promotes a quick economic development.
• It creates a balance in regional developments.
• It encourages lesser income inequality.
• It provides the freedom to own a private property.
• It brings about the fear of nationalization.
• It could risk the government to go too far.

A mixed economic system can be characterized by some government involvement and private ownership of most business.

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