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20
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Explain how the mixed economy addresses the basic economic question of 'what to produce'
â Private sector: most goods â Public sector: public services and goods that private sector under-provides
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15
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What is privatization?
Privatization refers to the transfer of ownership of a company from the public sector to the private sector.
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thief
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25
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gold
Win 50 points!
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rocket
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thief
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15
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Provide TWO reasons why market failures occur.
â Externalities â Lack of competition â Lack of information â Missing markets:
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20
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Outline TWO advantages of privatization.
Innovation, Increased efficiency, Reduced government spending, Reduced political influence
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eraser
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fairy
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25
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fairy
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lifesaver
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15
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Define merit goods and provide an example.
goods that are beneficial to society that are under-provided by private sector, e.g. healthcare and education
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15
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Outline TWO things that governments can do to tackle market failures.
Provide subsidies â Direct provision of goods and services â Legislation and regulations â Taxing the good â Education
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15
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Explain what is meant by the free market economy.
Vast majority of goods provided by private sector, with goods allocated based on market forces (i.e. supply and demand)
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trap
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gold
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shark
Other team loses 25 points!
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banana
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20
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Explain how the mixed economy addresses the basic economic question of 'for whom to produce'
â Private sector: for people who can afford it â Public sector: for all citizens / people in need
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15
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Provide an argument for why most economies adopt a mixed economy as opposed to a truly free market economy.
Market failure: free market leads to inefficient allocation of resources.
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20
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Why might an economy that is purely a command / control economy be problematic?
Government allocates all resources - lack competition and not efficient / no incentive to innovate without profit incentive etc.
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boom
Lose 50 points!
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gold
Win 50 points!
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rocket
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banana
Go to last place!
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15
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Using an example, explain what is meant by non-rivalrous.
Non-rivalrous: one person consuming the public good does NOT reduce amount available to others
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15
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Using an example, explain what is meant by non-excludable.
Non-excludable: once the good is provided, it is very difficult to exclude an individual from consuming it
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