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ECONOMICS chapter 29 (Definition, A system of individuals, businesses and…
ECONOMICS chapter 29
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A system of individuals, businesses and governments that produces, buys and sells goods and services
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Government controls a certain area (such as transport, enery, education & healthcare) but citizens are also free to set up businesses
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When a good or service is not profitable to produce, a private business may not be interested in providing it. This causes a problem for people who need it.
In a mixed economy, the government tries to balance the needs of its citizens with the aims of business
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Provide state-run options for unprofiable yet essential services, such as An Post
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