Mixed Economy and its advantages/disadvantages
Mixed economy
- Some private businesses, driven by profit. Some controlled by government
- Private: mobiles, cars, computers
- Essential services: police, fire service, defence, social services. Goods and services which can benefit both consumer and society(merit goods)
- Taxes to the government
- Government places limits on the nature of business activity: restricting monopoly, control pollution from factories.
Advantages
- State provides the essential services
- Private sector encouraged for profits
- Competition keeps prices low
- Consumer choice
- Inefficient business behavior controlled
Disadvantages
- Heavy taxes reduce incentives to work hard or make profits
- Less efficient than private sector
- Excessive control over business activity can add costs and discourage enterprise
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