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9/24/2012 Aim: Why is the United States considered to be a Mixed Economy? Do Now: What is one disadvantage of a Centrally Planned, and Free Market Economy? Homework: STUDY Limits of Laissez Faire There are things for which the market does not provide: Public goods National defense Public libraries Public education roads conservations environmental protection What Laissez Faire CANT DO Regulates "natural monopolies," for example, and it uses antitrust laws to control or break up other business combinations that become so powerful that they can surmount market forces. provides welfare and unemployment benefits to people who cannot support themselves, It pays much of the cost of medical care for the aged and those who live in poverty It regulates private industry to limit air and water pollution; It provides low-cost loans to people who suffer losses as a result of natural disasters; Exploration of space, which is too expensive for any private enterprise to handle. Balancing control and freedom Each society must evaluate its goals. Depending on a given time frame, a government may need to act in a certain way Guns and Butter United States Economy Free enterprise: Private or corporate ownership. Investments are determined in free markets. Law protects private property The government does intervene when goods and services are not addressed by market.