Mix of the UK Economy Essay

Mix of the UK Economy Essay

Length: 887 words (2.5 double-spaced pages)

Rating: Good Essays

Open Document

Essay Preview

Mix of the UK Economy

The UK economy combines factors of both a free market economy and one
which is fully planned. This brings both advantages and disadvantages
as it limits the power of market forces, but on the other hand
restricts the influence the government has over supply and demand.
Since the 1980s the government in the UK has steadily reduced its
involvement in the economic system. This has been done through
privatisation, which means handing over control of services to private
companies and investors, for example British Gas or Railtrack.

A free market economy revolves around the central concept of supply
and demand. Consumers make individual decisions about purchases for
their own self-interest whilst producers aim to make the largest
profits by supplying exactly what the consumers desire. Resources are
not allocated by the government or any state organisation but via the
price mechanism. This means that the producers determine the supply
and the consumers determine the demand, the combination of these two
factors determines the price of a product.

A key feature of a market economy is the freedom of choice and
enterprise. This means that producers are free to obtain economic
resources for use in production and are then able to sell their
product in whichever way they choose. These people are known as
entrepreneurs and are only seen in a market economy. Another major
difference between free market and planned economies is the principle
of self-interest. The idea of capitalism is that individuals are free
to act as they wish and this translates into the concept of an entire
economy being built around the idea of self-...

... middle of paper ...

economy than a planned one, but the mix between the two is still
fairly equal. Many privatisations have been a success, such as British
Telecom, British Gas, and have provided the same service as a
nationalised company whilst remaining competitive. However, others
such as the privatisation of the UK's rail network have no been so
successful and many people yearn for a return to state control.
Personally, I feel that the mix between market and planned economies
in the UK is about right, although there are some services such as the
aforementioned rail network which I believe may be better run in the
hands of the government. On the other hand, if privatisation reduces
taxes and enable the government to concentrate on more essential
services such as health and education, then privatisation may be the
way forward.

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Overview of the Advertising Tactics of the British Virgin Atlantic Airlines

- Introduction A company’s product or service image often immerses itself within the population that receives the product’s branding via advertising tactics carefully orchestrated by the company. These brands attach to a feeling of trust, respect, and loyalty from its consumers. Airlines compete for loyal passengers more now than ever before. Some airlines try to attract travelers with low fares, while others maintain higher prices with the lure of providing a more enjoyable customer experience i.e., comfort and luxury....   [tags: Economy Class, Marketing Mix]

Good Essays
2811 words (8 pages)

Informal Economy and Poverty Alleviation Essay

- Subject area Any sovereign state is to some extent concerned about the existence of informality in its economy. Although the subject of informal economy is broadly presented in interdisciplinary research, it remains understudied, especially from an entrepreneurship perspective in developing context (Castro, Khavul, & Bruton, 2014). At the same time the problem of poverty alleviation is particularly up-to-date in the light of millennium development goals, first of which is eradication of extreme poverty and hunger....   [tags: social capital, informal economy]

Good Essays
1424 words (4.1 pages)

The Marketing Mix Essay

- The Marketing Mix The objective of this document is to gain an understandable idea of the marketing mix. The marketing mix is an indispensable element of every firm’s marketing arrangement. The marketing mix includes four key facets recognized as product, place, price, and promotion. The mix is the arrangement of the entire four groups in which a thriving marketing movement is generated. In an effort to identify with the elements of the marketing mix every category should be examined independently and the link connecting each one of the marketing blend or mix must be tackled....   [tags: Marketing ]

Good Essays
1459 words (4.2 pages)

Marketig Mix Essay

- Marketing Mix The success of a company relies greatly upon proper marketing. A company must have a proper mix of all the elements and marketing efforts in order to produce desirable sales results. This mix will include the variables and tools a company will use to satisfy the business objective and the needs of their potential customers. This mix which is determined by marketing research and experimentation is commonly known as the marketing mix. This mix consists of four variables which the business world often refers to as the "Four P's"....   [tags: Business Marketing]

Free Essays
1557 words (4.4 pages)

Essay on The Global Economy

- I. Introduction The global economy is comprised of a multifaceted patchwork of key actors, which contribute to the development, sustainability, and strategic direction of a country. With this said, it is crucial to assess the key players of an economy with regards to the composition of public and private enterprises. The effectiveness and significance of these public and private enterprises need to be analyzed in order to measure the scope of positive or negative impact it has on the national economy when taking into account the nation’s economic indicators....   [tags: Development, Sustainability, Strategy]

Good Essays
960 words (2.7 pages)

Essay on Importance of the Service Industry to the Economy

- Importance of the Service Industry to the Economy At the time when the economy was developing apace and the significant change on economic structure was progressing, the importance of service industry in economic system has been increasing steadily so to become one of principal drivers for most countries economy development, e.g. In the United States, 78% of the GDP is attributed by service industry[1]. Due to such kind of tendency, the interrelated studies of service bearing high research value were developed, which crown multiple subject areas....   [tags: Economics Economy Service Essays]

Good Essays
2227 words (6.4 pages)

Essay on How to Stimulate the Economy

- ... When the country’s economy is performing poorly; for instance, when there is high unemployment, interest rates are at almost zero, inflation is about 2% per year, and GDP growth is less than 2% per year, the fiscal and monetary policy can be used to adjust these numbers to somewhat acceptable limits. In such a scenario, an expansion in fiscal policy would suffice to correct unemployment and low GDP by encouraging government spending, but may result in relatively higher interests and lower investment....   [tags: inflation, unemployment. tax]

Good Essays
720 words (2.1 pages)

Marketing Mix And Its Target Market Essay

- Introduction   At Samsung our mission statement is “inspire the world, create the future” (Samsung).  So Samsung is coming out with a new product called the RobotMop. This product is an extension of our robot vacuum line. We will be determining our external market environment, competitors, customers, and SWOT of Samsung. We will also be determining the organization 's Marketing Mix and its Target market such as: Product plan, Place or Distribution Plan, Promotion Plan, and Pricing Plan. This marketing plan will help ensure the success of the innovated product, RobotMop....   [tags: Marketing, Generation Y, Strategic management]

Good Essays
1623 words (4.6 pages)

The Marketing Mix Essay

- The Marketing Mix "A term used to describe the way in which businesses mix together elements that go into a successful sale of a product" (Mr. P. Neill) Market research helps a business to discover what consumers want or may want in the future. Marketing helps it to satisfy their wants and hopes. To market my products profitably for my business, I have to consider four main factors: ~ The product, or the kind of good service provided; ~ The price, or what the customer can be charged; ~ Promotion, or how customers will hear about the product; ~ Place, or how the product will be distributed These are known as the four P's....   [tags: Papers]

Free Essays
703 words (2 pages)

Essay on FedEx Marketing Mix

- FedEx Marketing Mix Federal Express is an express transportation company, founded in 1973 by Frederick W. Smith. During his college years, he recognized that the United States was becoming a service-oriented economy and needed a reliable, overnight delivery service company designed to solely transport packages and documents. He wrote a Yale term paper on this idea and received a C. His professor thought it would never work. Fortunately for Frederick Smith, he did not take it to heart and ended up building that company he dreamed of....   [tags: Business Management Marketing]

Good Essays
741 words (2.1 pages)