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The basic economic cost of unemployment is forgone:
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1. Introduction to Microeconomics
Introduction to Economics
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Which term best completes the following sentence? A mixed economy is a(n) ______ economy that includes government spending and taxation.
A
traditional
B
hybrid
C
market
D
command
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Understand the definition of a mixed economy: it is an economic system that combines elements of both market and command economies.
Recall that a traditional economy is based on customs and traditions, which is different from a mixed economy.
Recognize that a market economy relies primarily on private enterprise and market forces, while a command economy is controlled by the government.
Note that a mixed economy includes government intervention such as spending and taxation alongside market mechanisms.
Conclude that the term 'hybrid' best describes a mixed economy because it blends features of both market and command economies.
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