Compare market, command and mixed economic systems. Which system best describes Sri Lanka?
How to lay out the answer. Follow the frame, then write it in your own words.
1 · Introduce the problem. Scarcity forces every society to decide what, how and for whom; an economic system is the way it decides.
2 · Market economy. Private property, freedom of enterprise, price mechanism, competition. Merits: efficiency, choice. Demerits: inequality, no public goods.
3 · Command economy. State ownership, central planning. Merits: directs resources to priorities. Demerits: shortages, waste, weak incentives.
4 · Mixed economy. Markets plus a government role in ownership, regulation, taxes and welfare. Combines strengths, but can suffer from bureaucracy.
5 · Summarise in a table. Compare ownership, who decides, motive, strengths and weaknesses side by side.
6 · Apply to Sri Lanka. Private groups (John Keells, Hayleys, Dialog) alongside state enterprises (Bank of Ceylon, People's Bank); free education and health; market-led reforms since 1977.
7 · Conclude. No country is purely market or command; Sri Lanka is a mixed economy.
Scoring tip: A comparison table plus one Sri Lankan example per system is the fastest way to full marks.
