Advantages And Disadvantages Of A Mixed Economy

MR WANDILE MQWATHI

23610573

ECON

BSc

GROUP 5

LECTURE NAME

DATE DUE

Contents

INTRODUCTION 1

Literary review 1

Traditional economy 1

Command system 1

Market system 1

Mixed system 1

Critical analysis 1-2

S.A system as mixed economy 2

Discussion and comparison based on the four types of economic systems 2-3

Recommendations 3

The Advantages of a Mixed Economy 3

The Disadvantages of a Mixed Economy 3

Conclusion 4

Bibliography......................................................................................................................5

INTRODUCTION

An economy is a management of resources in which people make/produce goods and services. There is an economic basis for each and every country, a governmental policy that serves as a foundation for the distribution of goods and the regulation of resources that is never either wrong or right in every respect. When the South African economy engaged in an unprecedented/unexpected period of rapid growth together with rapid improvement in technology and science it was then that it was decided to group all the economy types according to their functions and abilities. According to the economic theory there are basically four types of economic system in South Africa, namely: command system, market system, traditional system and mixed system. All these kinds of systems are equally important with respect to their different path they operate at. There are also benefits and consequences to each economic system, and there are balanced mediums that can be found through compromise, sacrifice, and a willingness to consider the well-being of all. In South Africa the current operating system is mixed economic system.

Literary review

Traditional economy

“A traditional economy is a system wher...

... middle of paper ...

... they cannot control, because the government controls tax collection and spending. Business owners rarely like to pay taxes, because this bites into their profit. Lastly but not least the government control on the economy may sometimes be seen inadequate due to the lack of decisions made by the states on certain economic level.

Conclusion

As we have discussed and pointed out the difference on all economic systems that exist we can conclude by saying we have diversity of economic systems in South Africa. Their impact on the country is well noted and critically examined as to see how much its contribution has influenced the standard of the nation. Each type of economic system has its special feature and the mixed economy has been proven as the best and currently used economic system simply because of the modern life we living.

Bibliography

Internet sources.