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Foundations of Business (Standalon...

5th Edition
William M. Pride + 2 others
Publisher: Cengage Learning
ISBN: 9781305511064
BuyFind

Foundations of Business (Standalon...

5th Edition
William M. Pride + 2 others
Publisher: Cengage Learning
ISBN: 9781305511064

Solutions

Chapter
Section
Chapter 1, Problem 1DQ
Textbook Problem
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What factors caused American business to develop into a mixed economic system rather than some other type of economic system?

Expert Solution
Summary Introduction

To determine: The factors caused American business to develop as a mixed economy.

Introduction: A mixed economy comprises of both privately owned businesses and government or state owned entities. Both have authority of owning, producing, trading products in the nation.

Explanation of Solution

The factors caused American business to develop as mixed economies are as follows:

The government participates in American Business by method for asset or goods markets, premiums, and particularly taxes which bring about making the American business advanced into a mixed economy, demonstrating the two components of socialism and capitalism. There are various factors which include, foreign rivalry, the Great Depression, World Wars I and II, and the expanding period of populace have additionally added to the mixed monetary framework. This is a system of business where the people are allowed to choose what to manufacture, how to manufacture it and what to sell it.

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