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18 October, 10:49

The economy of Atlantia is defined by the private ownership of the means of production. Although products produced and prices are based on market factors, the government intervenes as a regulator to ban harmful products and to set a minimum wage. Atlantia is an example of a

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  1. 18 October, 14:43
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    Mixed economy

    Explanation:

    A mixed economy is an economic system that has elements of both socialism and capitalism.

    Socialism is an economic system that allows only public ownership of capital goods. That is, it an economic system under which only the government is allowed to own the means of production without any private ownership.

    Capitalism is an economic system that allows only private ownership of capital goods and market determines prices of goods produced. The implication is that only private individuals or businesses are allowed to own the means of production without any government ownership, regulation or intervention.

    The means of production are the factories, machinery, plant and equipment, and tools that are employed to produce goods.

    However, a mixed economy has a combination of both capitalism and socialism, because it gives freedom to private individuals to own and use the means of production, but it also allowed intervention from the government in form of regulation of prices with the objective of achieving social aims.

    Therefore, the economy of Atlanta is a mixed economy because it allows private ownership of the means of production, but also allows government intervention as a regulator.
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