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- Lots of state participation an spending (leads to tax) which means that tax funded libraries , schools , hospitals , utilities , legal assistance , welfare and social security.
- Governor can regulate in areas where there is market failure.
- Ensures maximum standard of living for population as a whole.
-Mixed economies tend to lean more towards the government and less towards themselves.
-Mixed economies are commonly associated with a social democratic party.
- Heavy tax incentives provokes people to work hard and earn a profit.
Characteristics of capitalism and socialism.
"A mixed economic system allows a level of private economic freedom in the use of capital , but allows for governemts to interefere in economic activities in order to achieve social aims."
- Excessive control over the activity in the business can lead to added costs in the enterprise and the discouragement of an enterprise.
- Less efficient than the private sector.
- An advantage of a mixed economy is that the country isn't dependent on a particular sector. (E.g , Russia is very reliant on it's oil industry and if the prices go down - their economy is effected.)
- We have lots of different sectors , so if one is doing poorly then one's which aren't doing so bad balance it out - leaving no massive effect on the economy.