Question

To what extent in which the United Kingdom is the country market oriented and some stages of development?

Answer 1

The UK is a market oriented economy to a great extent. The government plays a huge rule in delvering services like education and healthcare and its budget is 25% of the national GDP. However, the government plays little role in determining prices and quantities of different commodities and lets the market forces determine those.

The government also extends benefits like social security and unemployment aid. However, it does not own many Public Setor Enterprises invloved in providing private goods. Thus, we can safely say, that compared to other countries the UK is a fairly advanced market based economy.