Mixed economic system

What the syllabus asks of you

• definition of the mixed economic system
• government intervention to address market Definitions, drawing and interpretation of failure appropriate diagrams showing the effects of three government microeconomic policy measures: maximum and minimum prices in product, labour and foreign exchange markets; indirect taxation; and subsidies. The implications of other government microeconomic policy measures: regulation; privatisation and nationalisation; and direct provision of goods. The effectiveness of government intervention in overcoming the drawbacks of a market economic system.