what are some of the advantages of a mixed economy quizlet?
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What are advantages of a mixed economy? Best of both world. You get freedom and benefits from the government. It also allows for growth in the economy.
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The advantages of a fixed exchange rate include: Providing greater certainty for importers and exporters, therefore encouraging more international trade and investment. Helping the government maintain low inflation, which can have positive long-term effects such as keeping down interest rates.
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['higher employment.', 'more wealth.', 'better services.', 'good climate.', 'safer, less crime.', 'political stability.', 'more fertile land.', 'lower risk from natural hazards.']
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['Division of Labour: Joint family secures the advantages of division of labour. ... ', 'Economy in Expenditure: ... ', 'Protection from Division of Land: ... ', 'Social Security: ... ', 'Satisfaction of Basic Needs: ... ', 'Rearing of Children: ... ', 'Social Virtues: ... ', 'Social Control:']
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['Specialization of Resource Allocation. ... ', 'Manufacturing Growth. ... ', 'Economic Dependence of Underdeveloped Countries. ... ', 'Competitive Pricing Leads to Stabilization. ... ', 'Distribution and Telecommunications Innovation. ... ', 'Extending Product Life Cycles. ... ', 'Import of Harmful Products and Unfair Trade Practices.']
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The benefits of specialization include a larger quantity of goods and services that can be produced, improved productivity, production beyond a nation's production possibility curve, and finally, resources that can be used more efficiently.
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There are three main types of economies: free market, command, and mixed. The chart below compares free-market and command economies; mixed economies are a combination of the two. Individuals and businesses make their own economic decisions.
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['Create wealth and jobs around the world. ... ', 'Their size and scale of operation enable them to benefit from economies of scale enabling lower average costs and prices for consumers. ... ', 'Large profits can be used for research & development. ... ', 'Ensure minimum standards.']
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The U.S. is a mixed economy, exhibiting characteristics of both capitalism and socialism. Such a mixed economy embraces economic freedom when it comes to capital use, but it also allows for government intervention for the public good.
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['Income and population. ... ', 'Costs and technology. ... ', 'Government policy and producer organisations. ... ', 'Weather. ... ', 'Interest rates and the US dollar. ... ', 'Speculation.']
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['more International Trade.', 'more goods & services generally available at lower prices.', 'higher quality goods & services more generally available.', 'more Wealth in the world.', 'lower Cost of Living.', 'higher Standard of Living.', 'Waste Reduction from greater Economic Efficiency.']
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['Provides higher standard of living. ... ', 'Ensures rational & optimum utilization of resources. ... ', 'Rapid industrial growth. ... ', 'Benefits of comparative cost. ... ', 'International cooperation and world peace. ... ', 'Facilitates cultural exchange. ... ', 'Better utilization of surplus production. ... ', 'Availability of foreign exchange.']
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["Market system automatically responds and adjusts to the people's wants.", 'Wider variety of goods and services.', 'Competition pushes businesses to be efficient: keeping costs down and production high.', 'Government does not have to take decisions on basic economic questions.']
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['Low per capita real income: ... ', 'Low per capita real income: ... ', 'High population growth rate/size: ... ', 'High rates of unemployment: ... ', 'Dependence on primary sector: ... ', 'Dependence on exports of primary commodities: ... ', 'Low incomes per head: ... ', 'Low levels of saving due to low income:']
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['Increased revenues. ... ', 'Decreased competition. ... ', 'Longer product lifespan. ... ', 'Easier cash-flow management. ... ', 'Better risk management. ... ', 'Benefiting from currency exchange. ... ', 'Access to export financing. ... ', 'Disposal of surplus goods.']
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['(a) International Specialization: ... ', '(b) Increase in World Production and World Consumption: ... ', '(c) Safeguard against the Advent of Monopolies: ... ', '(d) Links with Other Countries: ... ', '(e) Higher Earnings of the Factors of Production: ... ', '(f) Benefits to Consumers: ... ', '(g) Higher Efficiency and Optimum Utilisation of Resources:']
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While a mixed economy combines free market with central government planning and intervention, a market economy relies purely on the free market (and the rules of supply and demand) to regulate the economy.