The Mixed Economy
Aperçu
Who decides how many hospitals get built, what price a loaf of bread sells for, or whether a struggling railway keeps running? In almost every real economy, the answer is a mixture: some decisions are left to private businesses chasing profit, and others are taken by government acting in the public interest.
In this lesson you will place economies on a spectrum from free market to command, compare how the private and public sectors are owned, controlled and run, and see why market failure gives government a job to do. You will also examine privatisation, the sale of state-owned businesses into private hands, and weigh up its effects on everyone it touches. These ideas open Paper 1 and are a favourite source of data-response questions.
Objectifs
- Definition of mixed economy
- Definition of public and private sector
- Difference between public and private sectors in terms of ownership, control and aims
- How the problems of what to produce, how to produce and for whom to produce are solved in the mixed economy
- Concept of market failure - linked to inefficient allocation of resources
- Why governments might need to intervene because of market failure
- Definition of public goods - non-excludability, non-rivalry and how this causes the free rider problem
- The role of the public sector and private sectors in the production of goods and services
- The relative importance of public sector and private sector in different economies
- Definition of privatisation
- Effects of privatisation on consumers, workers, businesses, government
Carte mentale
Ce theme est schematise pour montrer comment les idees se relient.
Ouvrez la carte mentale dans l'application
Cartes memoire
Entrainement rapide sur les faits evalues dans ce theme.
Entrainez-vous sur ces cartes dans l'application
Note de cours
Fiche complete disponible sur l'application Green Bridge
Installez l'application Green Bridge CBT sur votre telephone ou votre ordinateur pour acceder a toute la bibliotheque IGCSE : sujets d'examen, baremes, cartes mentales, fiches memo et lecons audio.
Évaluation de la leçon
Félicitations, vous avez terminé la leçon sur The Mixed Economy. Maintenant que vous avez exploré le concepts et idées clés, il est temps de mettre vos connaissances à l'épreuve. Cette section propose une variété de pratiques des questions conçues pour renforcer votre compréhension et vous aider à évaluer votre compréhension de la matière.
Vous rencontrerez un mélange de types de questions, y compris des questions à choix multiple, des questions à réponse courte et des questions de rédaction. Chaque question est soigneusement conçue pour évaluer différents aspects de vos connaissances et de vos compétences en pensée critique.
Utilisez cette section d'évaluation comme une occasion de renforcer votre compréhension du sujet et d'identifier les domaines où vous pourriez avoir besoin d'étudier davantage. Ne soyez pas découragé par les défis que vous rencontrez ; considérez-les plutôt comme des opportunités de croissance et d'amélioration.
- Which type of economy relies almost entirely on the private sector to answer the three economic questions? A) Command economy B) Market economy C) Mixed economy D) Planned economy Answer: B
- Which of the following is a characteristic of a public good? A) It can be sold to one individual at a time B) Consumption by one person reduces the amount available to others C) It is non-excludable and non-rival D) It is always provided by the private sector Answer: C
- A government sells a state-owned electricity company to private shareholders. This is an example of: A) Nationalisation B) Contracting out C) Privatisation D) Market failure Answer: C
- Which of the following is most likely to be classified as market failure? A) A private bakery raises its prices when demand increases B) A factory pollutes a river and pays no compensation to local fishermen C) A supermarket offers a discount on fruit D) A company increases wages to attract more staff Answer: B
- Which of the following is most likely to be an argument in favour of nationalisation? A) It exposes a business to more competition B) It always reduces government spending C) It can protect an essential service that a private owner will not run profitably D) It removes the need for any government regulation Answer: C
Travaillez ces questions dans l'application
Travaillez ces questions dans l'application
Livres recommandés
Pour aller plus loin, ressources libres
-
Section de manuel
Public Goods
Identify a public good using nonexcludable and non-rival as criteria
"Principles of Economics 2e: Public Goods" by OpenStax, OpenStax, Rice University, licensed under CC BY 4.0 (https://creativecommons.org/licenses/by/4.0/). Source: https://openstax.org/books/principles-economics-2e/pages/13-3-public-goods. Access for free at https://openstax.org/books/principles-economics-2e/pages/1-introduction
-
Section de manuel
How To Organize Economies: An Overview of Economic Systems
Contrast traditional economies, command economies, and market economies
"Principles of Economics 2e: How To Organize Economies: An Overview of Economic Systems" by OpenStax, OpenStax, Rice University, licensed under CC BY 4.0 (https://creativecommons.org/licenses/by/4.0/). Source: https://openstax.org/books/principles-economics-2e/pages/1-4-how-to-organize-economies-an-overview-of-economic-systems. Access for free at https://openstax.org/books/principles-economics-2e/pages/1-introduction
Publiées par d'autres organisations sous licence libre, créditées comme elles le demandent. Les liens ouvrent leurs sites.
Pratiquez des questions blanches
Vous voulez vous entraîner sur des questions blanches sur The Mixed Economy ? Téléchargez l'application Green Bridge CBT pour accéder à des questions blanches et à des évaluations complètes sur ce sujet.
Téléchargez l'application sur Google Play.
Tout ce dont vous avez besoin pour exceller au JAMB, WAEC et NECO.
