Mixed Economies – Flashcards

economic system that has some combination of traditional, command, and market economies.

Worst period of economic decline in U.S history, lasting from 1929 to 1939.

economic and political system in which production is collectively owned and directed by the state; a theoretically classless society in which everyone works for the common good.

When one type of economy comes into contact with another type of economy, a government adjusts to economic demands from the market and from citizens.

Most economies are considered mixed because most have some portion of the means of production under government control. Most economic systems also have some element of the market or capitalism.

The most vulnerable members of society benefit from a mixed economy because they are offered some social safety net.