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Outline the Characteristics and Operations of the Market System.
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| Submitted: Thu Jul 11 2002
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Outline the Characteristics and Operations of the Market System. Introduction The UK is a mixed economy meaning that it has both a free market and a planned market, therefore some of the resources are controlled by the government, whilst others are in private hands. In the UK most of the market is free leaving only the post office and the BBC in the public sector. In the UK the government only has direct power over the BBC and Post Office, it is the governments responsibility to set prices which everyone can afford and make sure that necessary services are provided. However the government is not able to directly intervene in the costs, produce and services in that of the free market economy. It is left to the firms or individuals trying to make a living to try to decide what to produce and the cost of the service. The government can however give incentives...
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