Features of mixed economy, Managerial Economics

Features of this system

The mixed economy includes elements of both market and planned economies.  The government operates and controls the public sector, which typically consists of a range of public services such as health and education, as well as some local government services.  The private sector is largely governed by the force of mechanism and "market forces", although in practice it is also controlled by various regulations and laws.

Some services may be subsidised, provided at a loss but kept for the benefit of society in general(many national railways, for example, are loss making), other services such as education or the police may be provided free of charge (though they are paid for through the taxation system).

The private sector is regulated, i.e. influenced by the price mechanism but also subject to some further government control, such as through pollution, safety and employment regulation.

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