Which type of economy may employ both market and government strategies to influence production?

A mixed economy combines elements of both market and command economies. In this system, the government plays a significant role in regulating and influencing economic activity while allowing for free market principles to operate alongside. This means that both private individuals and the government can make decisions about production and distribution of goods and services.

In a mixed economy, the market determines the allocation of resources to some extent, promoting competition and consumer choice, while the government intervenes to correct market failures, provide public goods, and address inequalities. This blend allows for a more balanced approach to economic management, accommodating the needs for efficiency and welfare.

In contrast, traditional economies rely on customs and historical precedents, market economies prioritize free market forces with minimal government intervention, and command economies are characterized by total government control over production and distribution with little to no input from market forces. The presence of both market and government strategies in a mixed economy enables flexibility and adaptability to changing economic conditions.