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Market economy is a kind of economy which is based on the division of labor so that the prices of goods and services are set by a free price system. This price system is set by the law of demand and supply. On the other hand, a mixed economy is the one which has a number of characteristics from various economic system. It has a mix of both privately held and publicly held companies.
Market economy Benefits:
- Self regulation of prices with the market forces.
- Creates civil and political freedom.
- Capitalism can only be created with Market economy.
- Bottom up decision making which involves consumers.
Drawbacks:
- Produces class division.
Mixed Economy Benefits:
- Mix of public and private sector companies so that the profits are balanced.
- Cooperative decision making
- Healthy interaction.
- Is regulated by different laws and restrictions.
Drawbacks:
- Eliminates class division in people.
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