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Introductionwhat is economics systemwhat are the types of

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Reference no: EM13357150 , Length: 928 Words

Introduction

What is economics system?

What are the types of economics system?

Briefly explain each type of economics system by giving examples of nations that are close to each type

This part of the essay must not exceed 300 words (AO1 achieved and part of AO2 achieved)

Main Body 

Give detailed explanation of what free market economy is.

Discuss the main features of free market economy

Compare free market and Mixed economics system by analysing  the difference between them

Evaluate the Free market system by assessing the extent to which the free market economics is more effective than mixed economy. Discuss the limitations of free market as against the strength of mixed economy.

To evaluate free market you may discuss the following and compare with mixed economies:

i. Choices

ii. Quality and innovation

iii. Risk 

iv. Economics growth

v. Standard of living

vi. Distribution of income and wealth

 This part of essay must have at least 600 words (AO2, AO3 and part of AO4 achieved)

Conclusions and Recommendations

Summarise why you agree or do not agree with the statement that free market is more effective than mixed economy. Give a logical conclusion and opinion and recommend alternative economic system that you believe is the most effective one.

This part of the essay must not exceed 200 words ( AO4 achieved)

Reference no: EM13357150

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