Hi every1 could we pls discuss the advantages and disadvantages of a free market economy and why there are mixed economies?? Refer to edexcel unit 1 economics (AS level) Besides that does anyone have a clue to what is coming in unit 1 economics in the paper tomorrow?????
Mixed economies are seen as more efficient than market or command economies. Not really sure on advantages/disadvantages of free market economies, I suppose a disadvantage would be that with no/little government intervention, market failure is likely to be a bigger problem (demerit goods etc).