MIXED ECONOMY: An economy, or economic system, that relies on both markets and governments to allocate resources. While, in theory, we could have a pure market economy or a pure command economy, in the real world all economies are mixed, relying on both markets and governments for allocation decisions. Markets allocate resources through voluntary choices made by living, breathing people. Government forces allocation through involuntary taxes, laws, restrictions, and regulations. Both institutions play vital roles in an economy. See also | economy | economic system | market | government | three questions of allocation | pure market economy | pure command economy | capitalism | market-oriented economy | socialism | communism | Recommended Citation:MIXED ECONOMY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: October 31, 2024]. AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: mixed economy
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