Introduction
What is economics system?
What are the types of economics system?
Briefly explain each type of economics system by giving examples of nations that are close to each type
This part of the essay must not exceed 300 words (AO1 achieved and part of AO2 achieved)
Main Body
Give detailed explanation of what free market economy is.
Discuss the main features of free market economy
Compare free market and Mixed economics system by analysing the difference between them
Evaluate the Free market system by assessing the extent to which the free market economics is more effective than mixed economy. Discuss the limitations of free market as against the strength of mixed economy.
To evaluate free market you may discuss the following and compare with mixed economies:
i. Choices
ii. Quality and innovation
iii. Risk
iv. Economics growth
v. Standard of living
vi. Distribution of income and wealth
This part of essay must have at least 600 words (AO2, AO3 and part of AO4 achieved)
Conclusions and Recommendations
Summarise why you agree or do not agree with the statement that free market is more effective than mixed economy. Give a logical conclusion and opinion and recommend alternative economic system that you believe is the most effective one.
This part of the essay must not exceed 200 words ( AO4 achieved)