Category: Markets
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UK Economy
Exploring aspects of different types of economies the UK has used in its own market structure One aspect of the free market economy in the UK is allowing competition in various markets, such as the booming financial market located in London, which turned it into a global financial centre. Major banks have their headquarters in…
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Mixed Economies
The fusion of the free market and state provision – drawing from the best (and sometimes worst) qualities of both A mixed economy is a system that combines characteristics of free market, command, and traditional economies, gaining the benefits of all three types while suffering from only a few of the disadvantages.[1] It takes three…
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Command Economies
Does total state provision effectively provide for society? A planned or command market is fully controlled by a country’s government, with the state deciding which products are made and how much. This allows them to control prices to ensure they remain fair and prevents large companies from rising into power. It also means that anyone…
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Free Market Economies
Does no government intervention truly mean maximum efficiency? A free market means there is no government involvement, and so it is up to privately-owned companies to choose what to make and at what price. This allows for multiple companies to produce the same product and compete, giving the consumer a wide variety to choose from,…
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What are markets?
Defining the term ‘market’ and exploring its functions Formally defined, a market is ‘a place where two parties can gather to facilitate the exchange of goods and services.’ [1] These parties are generally the producer and consumer and can occur anywhere either physically, like a supermarket, or virtually, like on a clothing website. Markets are…
Economics 101 