In England, the government owns industries such as the airline, TV stations, hospitals, universities and defense contractors. However, most other industries involve privately owned firms that compete for business. Which system would best describe what type of economy England has?

Question

Tater

Social Studies

11 July, 03:36

In England, the government owns industries such as the airline, TV stations, hospitals, universities and defense contractors. However, most other industries involve privately owned firms that compete for business. Which system would best describe what type of economy England has?

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Answers (1)

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Ellis · Answer 1

Mixed Economy.

Explanation:

A mixed economy can be defined as an economy that is a combination of socialism and capitalism. Capitalism is a type of economic system in which capital goods are owned by business owners or individuals. Whereas, socialism is a type of system in which the means of production are publicly owned.

In the given case, the government of England is an example of a mixed economy because the government has access to interfere in the economy of privately-owned companies to achieve social aims, yet their property is protected.

So, the correct answer is a mixed economy.