Heavily regulated business laws and industry

Both private sectors and the government control the economy

Individuals have exclusive property rights

Labor force is hired by private and government sectors

What type of economic system does Brazil have?

A)

Command

B)

Market

C)

Mixed

D)

Traditional

Not only is the stock market arguably in one of the longest bull runs in history, but unemployment is low (sitting at around 4% - the lowest in years), exports are increasing, and second quarter gross domestic product (GDP) numbers are promising. And while many would caution against the possible short-lived nature of the current economic boom, it is nonetheless apparent: the American economy is having a moment.

But, what kind of system has allowed America to enjoy the recent (if not short-lived) strong numbers? Cue the mixed economy.

While there are other kinds of economies like the command, traditional, or market economy, the mixed economy has famously been successful in balancing public needs with private incentives and has led to some of the strongest economies in the world. But, what actually is a mixed economy, and what are some of the pros and cons?