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Hong Kong is basically a mixed economy, with most resources allocated by market forces but definitely not a pure market economy.
Member rating: No Rating | Words: | Submitted: Wed Nov 12 2003
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Hong Kong is basically a mixed economy, with most resources allocated by market forces but definitely not a pure market economy. In Hong Kong, most resources are owned privately and people are free to make production and consumption decision. However, the government also plays a minor role in Hong Kong's economy. For instance, national defense is administered by the government as only the government can afford to buy them. People do not pay for each unit they use but the government purchases it collectively for the entire nation. Providing national defense services to one individual does not mean there is less defense for others because all the people, in effect consume those defense services together. So, how do producers determine what to produce? As we all know, our want s are unlimited but our resources are limited, therefore it is simply impossible to produce all goods in H.K., we have...
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