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chapter 1 mixed economy

nearly every country in the world has a mixed economy with a:

private sector: businesses not owned by the government, these businesses will make their own decisions about what to produce,how it should be produced, and what price should be charged for it.most businesses in the private sector will aim to run profitably.

public sector:government or state owned and controlled businesses and organisations. the government or other public authority makes decisions on what to produce and how much to charge consumers.some goods and services are charged free of charge to the consumers. some goods and services are provided free of charge to consumer,such as state health and education services.the money for these comes not only from the user but from the taxpayer. objectives of private sector and public sector businesses are often different.

a mixed economy

has both a private sector and a public sector.

which business activities are usually in the p