The Mixed Economy
Muhtasari
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.
Malengo
- 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
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- 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
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Vitabu Vinavyopendekezwa
Jifunze zaidi kutoka vyanzo huria
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Sehemu ya kitabu
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
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Sehemu ya kitabu
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
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