Question

Match the definition in column 1 with the economic term in column 2.

Free markets
and private
ownership
?
Consumption
Creating goods
and services
?
Specialization
Using goods and
services
?
Capitalism
Production
focused on
specific tasks or
topics
?
Production

Answer 1

Step-by-step explanation:

What is a Mixed Economic System?

A mixed economic system is a system that combines aspects of both capitalism and socialism. A mixed economic system protects private property and allows a level of economic freedom in the use of capital, but also allows for governments to interfere in economic activities in order to achieve social aims. According to neoclassical theory, mixed economies are less efficient than pure free markets, but proponents of government interventions argue that the base conditions required for efficiency in free markets, such as equal information and rational market participants, cannot be achieved in practical application.

Answer 2

Capitalism=Free market and private ownership.
Consumption= using goods and services.
Specialization= production focused on specific tasks or topics.
Production= creating goods and services