Mixed Economic Systems - 760 Words

Economic system of a country Identify and evaluate the economic system that Malaysia is adopting. Discuss the rationale of Malaysia’s economic system in terms of utility maximisation and pricing mechanism for distribution of goods and services. An economic system is the combination of the various agencies, and entities that provide the economic structure that defines the social community. Malaysia has adopting mixed economic systems. Mixed economic system is an economy where there is more government intervention than in a free market economy. Many of the activities of production, distribution, and exchange are undertaken by central government, but where there is more economic freedom for the individual than in a command economy.†¦show more content†¦oil, gas and water systems for drinking, agriculture, and waste disposal. This also providing some autonomy over personal finances but including involuntary spending and investments such as transfer payments and other cash benefits such as welfare for the poor, social security for the aged and infirm, government subsidies to business and mandatory insurance (example: automobile) and restricted by various laws, regulation like environmental regulation labor regulation including minimum wage laws, consumer regulation (example: product safety), antitrust laws, intellectual property laws, incorporation law protectionism, import and export controls, such as tariffs and quotas and taxes and fees written or enforced with manipulation of the economy in mind. The advantages of mixed economic in Malaysia are people can make their own decisions , The Malaysia government has limited control which is good for structure . It also provides freedoms such as enterprise ownership, social Welfare, profit Earnings, political Freedom., All nationalShow MoreRelatedThe Economic System Of A Mixed Economy System Essay874 Words   |  4 Pagescountries around the world, including Canada, rely on a mixed market economy system in which the allocation of most resources, goods and services is determined by supply and demand through markets and prices. This system has many flaws, including environmental damage, high income inequality both within and between countries, resource depletion and so on. When I think of alternative economic system, I have to go back to the basics of mixed economic system, what actually is and what it does. In every kindRead MoreEssay about A Mixed Economic System Would Benefit the United Kingdom1246 Words   |  5 PagesA Mixed Economic System Would Benefit the United Kingdom Two main economic systems have been developed since the Industrial Revolution, these are Capitalism and Socialism. 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