One sign of transition to a mixed market economy is the establishment of
Answers
Market economic system is the one that we know as capitalism, where goods and services are freely exchanged on an open market. The key features of a market system are that:
All resources are privately owned by producers and consumers
Producers and consumers are motivated by self-interest and profit
Producers and consumers are free to produce, sell, and purchase outputs
The government does not intervene in the market except to assure it remains free
Prices are determined from the supply and demand of outputs
One sign of transition to a mixed market economy is the establishment of a fair labour market.
Explanation:
- This is because in a mixed economy there are private and public sectors that coexist together.
- Hence the transition to a mixed market economy can be best achieved by a fair labour market.
- During the period of transition, there is a number of problems that come up in the economy.
- The countries need to find an effective plan of transition for slowly bringing down the government payrolls and increasing the minimum wages.
- There should be an effective investment in the fields of education and technology that can help with creating jobs and open new opportunities.
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