Part one of term paper
What is a modified market economy? What factors have been responsible for the emergence of this kind of economic system? How do governments influence economic decision making in such systems? Use Australian examples to illustrate your answer. A modified market economy is a market economy in which there are varying amounts of intervention a ...

Part two of term paper
... this kind of economy is mainly due to weaknesses in the market economy which, with out regulation, becomes an economy mainly concentrated on the wealthy people. The basic reason for the modified market economy is that the free market does not produce an efficient allocation of resources, and that the free market does not distribute output in a socially desirable way. For example in a modified market, the government regulate the flow a income a bit so that not only the rich make money. In a mark ...