Make a clear distinction and similarities between economic conditions of public, economic policy and economic system

## Distinctions Between Public, Economic Policy, and Economic System

| Feature | Public | Economic Policy | Economic System |
|---|---|---|---|
| Focus | Government-controlled sector of the economy | Actions taken by government to influence economic outcomes | Underlying structure of an economy |
| Ownership | Governed by public entities | Governed by a mix of public and private entities | Can be private, public, or mixed |
| Funding | Tax revenues | Taxes, government spending | Private investment, government spending |
| Goals | Provide essential services (e.g., healthcare, education) | Promote economic growth, stability, and equity | Determine how resources are allocated and distributed |
| Scope | Limited to government-controlled activities | Wider, encompassing all economic sectors | Comprehensive, encompassing all aspects of economic activity |

## Similarities Between Public, Economic Policy, and Economic System

| Feature | Public | Economic Policy | Economic System |
|---|---|---|---|
| Impact on the Economy | Can influence economic outcomes (e.g., employment, inflation) | Can have significant effects on economic growth, stability, and equity | Shapes the overall economic environment |
| Interaction | Economic policy can affect the size and scope of the public sector | Public spending can be used as an economic policy tool | Economic policy is influenced by the economic system |
| Goal of Economic Welfare | All three aim to improve the economic well-being of society | Public services can provide basic necessities and address market failures | Economic policy can promote economic growth and reduce inequality | Economic systems can create the conditions for prosperity |