The Mixed Economy Flashcards
1
Q
What is Resource Allocation?
A
The decision must be made as to were these resources are allocated.
2
Q
What is a Mixed Economy?
A
Private (businesses) and public (government) sectors that aid resource allocation through the market mechanism.
3
Q
What are Private Sectors?
A
Organizations are owned by individuals and are driven by profit.
4
Q
What are Public Sectors?
A
Organizations are owned by the government.
5
Q
What is Market Failure?
A
An inefficient distribution of goods and services in the free market.
