Mixed/ Market Economy

Switzerland is an example of a Market Economy

Advantages and Disadvantages

Advantages include private property rights, private ownership of the factors of production (capitalism), economic and Political Freedom, voluntary exchange in markets,  competition between independent businesses, and specialization which leads to higher-quality and lower-priced products. Individuals are free to develop talents they find interesting. The economy can accommodate to changes quickly, and resources are used efficiently as it maximizes profit.

There are disadvantages as well. In a pure market economy, public goods and services like national defense and others that are nonprofitable have no place in it. Those people who are sick and/or old cannot be economically productive and a pure market economy cannot provide for them. Unequal distribution of wealth and opportunities is also a product of a pure market economy.

Analysis of how your system addresses the three basic economic questions

Production of goods and services will be decided purely by the people with maximum profit in mind of course. The market is controlled by either the consumer or the producer. A mixed economy has a combination of public and private sectors that manage production.

Method of production is handled by the people in a pure market economy without government intervention.  In a mixed economy, they are determined by producers and partly by the government.

In a market economy, goods and services are produced for the people to buy. In a mixed economy they are produced for power and slightly by government perference

Visuals and hyperlinks to resources (sites or videos)

Comment Stream

2 years ago
0

Could have used a better introduction/example (As in more in-depth), but everything else was solid and informative.

2 years ago
0

Try to add more photos next time, other then that the information was solid. I appreciate this website.

2 years ago
0

Very clean and informative, more pictures would have helped but good job

2 years ago
0

You put a lot of detail into the economic questions. Good job!

2 years ago
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