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decribe three ways that your life would change if the united states began using a pure free market system or a pure free centrally planned system instead of a mixed economic system​

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Answer with Explanation:

If the United States will  start using a pure free market system, many things will change in my life.

As a customer or consumer, I will be given the freedom to choose the price point of any product according to my satisfaction. I will have more sovereignty over the production of goods.

Next, I will probably not be able to purchase some goods or services because having a pure free market system means "having a limited range of goods or services." When one good or service doesn't make enough profit, it can be immediately pulled out from the market.

Lastly, the pure free market system would probably be hazardous to my health. It is clear that this kind of system is "profit-oriented" thus, companies will not mind taking care of the environment as long as they keep on producing what's beneficial for them. The environmental standards will not be followed.

United States follows mixed economy system if it shifts to free market system or a pure free centrally planned system the advantages will be Optimum utilization of resources, Competition.    

What is a mixed economic system?  

Mixed economic system is the combination of pros and cons of three types of economies, i.e. market, command and traditional. The United States has a mixed market,

Hence,  protect the  ownership of private property, protect against competition, price float around demand and supply etc.

The three advantage of shifting from mixed economy to pure free market system are:

  • Optimum utilization of resources: As the resources are limited due to entry in free market system, the wastage can be reduced as the completion increases.

  • Competition: In a free market, there are no trade barriers  so the completion is not only domestic but international, new organization can easily enter the market without pressure.

  • More Choice/alternatives: Free market leads to increase in completion, hence customer has more choices of goods and services at best prices.

Therefore, shifting of US economy from mixed to free economy is beneficial as it leads to Optimum utilization of resources, Competition and More Choice/alternatives.

Learn more about mixed economy  :

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