What type of economic system are you a part of? In a short paragraph, explain how your economic system regulates choices to respond to economic challenges. ANSWER: The economic system of the country that I live in is a mixed-market economy. My government maintains this economic system by allowing citizens to make many economic choices. The government responds to economic issues by attempting to provide more opportunities for citizens. Examples include lowering taxes to allow more funding for hiring new workers, or increasing education to help reduce the wealth gap.