AS Paper 1, June 2023Introduction to Markets and Market Failure
AS Paper 1, June 2023, Q5(a)
With reference to the above information, define the term ‘mixed economy’.
Short answerDefine2 marks
Context
During the global health crisis, 11.7 million jobs were furloughed, costing the UK Government £70 billion. This meant people were paid by the government 80% of their wages even though they did not work. Some private sector employers continued to pay the remaining 20 %.