Question

The American economic system is sometimes referred to as a mixed economy. In at least one well-written paragraph, and using specific examples, describe the characteristics of the American system, which make it a mixed economy.

Answer 1

The American Economy is a mixed economy which individuals and corporations have the means of production but the government regulates it. The government regulates minimum wage, maximum work hours, requiring businesses to pay to taxes, setting other restrictions. This makes the American Economy a mixed economy because the government set regulations but the businesses choose what goods to produce.