part 2

part 2
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  • The president's speech
  • Finally, capitalist countries allow the freedom of private property, which benefits everyone because they are able to own their own things.
  • The president's speech
  • I will now be accepting questions from the press.
  • The president's speech
  • Mr. President, why would do you consider the United States to be a mixed economy?
  • Private property means individuals can own their own valuables, such as land, houses, etc.
  • The president's speech
  • Well, the US is a mixed economy because the citizens mainly own the resources, but the government owns some as well.
  • The president's speech
  • We are mostly a market economy, but some things are owned by the government. In places like the United Kingdom and Germany, the people own all of the resources.
  • 
  • The president's speech
  • But, we are definitely not a command economy. Countries like North Korea and the former Soviet Union were communist, and a command economy is essential for communism to take place. The US is not communist.
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  • Market economy: an economy in which the resources are owned and controlled by the people of the country.
  • Command economy: an economy in which resources are owned and controlled by the government. Command economies are often used in communist countries.
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