Market and Mixed Economy Definitions with Advantage and Disadvantage

A market economy is defined as an economic system in which the decisions regarding the whole economy of the country i.e. the production and distribution of goods and services and the pricing of goods and services occur with the help of free market mechanism (Mesa-Lago et al., 2003). On the other hand, mixed economy is defined as an economic system in which both the elements of capitalist economy and the socialist economy exist.In market economy, the consumers and the businesses are free to take decisions of their own i.e. the decisions related to what to purchase and what to produce and also, there is less intervention of the government in the...

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Strategic Management and What is Strategy

Field of strategy has several definitions and a common theme amongst these definitions is that strategy of a company is creating a unique ‘position’ of the company in the competitive landscape in which company operates by making trade-offs and creating a sustainable competitive advantage. There are different views on how a company can form its strategy. Two main perspectives of the field of strategic management are market based view and resource based view.Market based view or school of strategy focuses its attention on the market i.e. environment and forces existing outside the company and recommends company to choose a strategic position according...

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