the mixed economy Flashcards
to learn about mix economy
1
Q
which services does mix economy include
A
public and private services
2
Q
who own the public company
A
the governments
3
Q
who own the private company
A
individual
4
Q
what is the market failure
A
an inefficient distribution of goods and services in the free market.
5
Q
what is the free rider problem?
A
A situation in which a person does not pay for public goods
6
Q
What are the characteristics of public goods
A
Non-excludability and Non-rival
7
Q
what privatisation is?
A
process where governments owned the business
8
Q
what are characteristics of private goods
A
excludability and rival
9
Q
two example of public goods
A
street lighting and police services
10
Q
two example of private services
A
Nike, Starbucks
