Production, trading or distribution and consumption of limited goods and services is what makes an economy or economic culture. It is done by different agents within a given locality. The agents could be anyone i.e. individuals, businesses, organisations or government. There are three types of economy i.e. capitalistic, command economy and mixed economy.
The United Kingdom operates in a diversified economy that is one of the largest in the world. The British economic system demonstrated the characteristics of a mixed economy, combining market based features with some socialist characteristics. In the mixed economy, it has co-existence of public and private sectors. The role of public and private sector differs in each economy. Public sector …show more content…
government agency. The central plan is very important as it lays down the priorities on what goods and services will be getting produced/provided and this decided on what they think people wants. In the command economy; government creates the law that regulates the activities in the economy and government follows the plan so that they can allocates all resources. In this economy, the government owns the business monopoly in industries which are estimated as important to the goals of the economy. Example of a command economy could be North Korea/China. They scarce resources, are associated with socialist and owned by the government.
In conclusion, as the name suggests mixed economy have mix factors from each economy i.e. command economy and free market i.e. unlike in command economy, free market and mixed economy’s private individual have freedom to control the factor of production. In command economy and mixed economy, the government have a big intervention on how the country runs e.g. controlling the tariff on foreign products, public road and etc. Unlike command economy, in mixed economy, market standards can rise only out of spontaneous …show more content…
Financially and emotionally organisations are suffering because of the long term unemployment in the UK. The concern in the falling unemployment is that there are more effective unemployment, which means that there is certainly a lot of under-employment, there are people who are just not working at all or people are working less than the amount they are supposed to work. This could be because there has also been weak wage recovery. Even though when the economy is growing, there the benefits are still felt by many workers. Still there are some evidence that the real wage growth has start to picking up a little.
As can be seen in the graph, the UK 's rapid growth in debt has been in a focused attention by the Euro debt crisis since 2008. According to the government, they think that the deficit reduction was the highest economic priority nonetheless even the rather mild austerity policies had contributed to the double dip recession and this repeated recession means tax revenues have been less than expected and there is a danger for government to miss their deficit reducing goals. On the other hand, there are some economist who thinks/say that the austerity measures have been difficult to
The United Kingdom operates in a diversified economy that is one of the largest in the world. The British economic system demonstrated the characteristics of a mixed economy, combining market based features with some socialist characteristics. In the mixed economy, it has co-existence of public and private sectors. The role of public and private sector differs in each economy. Public sector …show more content…
government agency. The central plan is very important as it lays down the priorities on what goods and services will be getting produced/provided and this decided on what they think people wants. In the command economy; government creates the law that regulates the activities in the economy and government follows the plan so that they can allocates all resources. In this economy, the government owns the business monopoly in industries which are estimated as important to the goals of the economy. Example of a command economy could be North Korea/China. They scarce resources, are associated with socialist and owned by the government.
In conclusion, as the name suggests mixed economy have mix factors from each economy i.e. command economy and free market i.e. unlike in command economy, free market and mixed economy’s private individual have freedom to control the factor of production. In command economy and mixed economy, the government have a big intervention on how the country runs e.g. controlling the tariff on foreign products, public road and etc. Unlike command economy, in mixed economy, market standards can rise only out of spontaneous …show more content…
Financially and emotionally organisations are suffering because of the long term unemployment in the UK. The concern in the falling unemployment is that there are more effective unemployment, which means that there is certainly a lot of under-employment, there are people who are just not working at all or people are working less than the amount they are supposed to work. This could be because there has also been weak wage recovery. Even though when the economy is growing, there the benefits are still felt by many workers. Still there are some evidence that the real wage growth has start to picking up a little.
As can be seen in the graph, the UK 's rapid growth in debt has been in a focused attention by the Euro debt crisis since 2008. According to the government, they think that the deficit reduction was the highest economic priority nonetheless even the rather mild austerity policies had contributed to the double dip recession and this repeated recession means tax revenues have been less than expected and there is a danger for government to miss their deficit reducing goals. On the other hand, there are some economist who thinks/say that the austerity measures have been difficult to