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Analyse the mixed Market economy and determine how effective it is in allocating resources. According to Collins Dictionary of Economics, a mixed Market economy is "a method of organizing the economy to produce goods and services. Under this economic system some goods and services are supplied by private enterprise, and others, typically basic Infrastructure goods and services such as electricity, postal services, water supply, are provided by the State." The mixed market economy follows the Adam Smith's philosophy that one must "let the economy operate according to natural laws". This is also known as the "laissez-faire" theory, which the market economy follows, but the major set-up which it operates is related to the self-interest of the individual, which includes the aim of one getting the most profit as possible. There are various factors that make up this form of economy. The first is the private ownership of property, which is...

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