Market Economy
by: Destiny Maday

True Market Economy is when individuals have  more choice in economic decisions than the government. It's based on self-interest behavior. The United States would be an example of a Market Economy. It's the largest economy in the world. Americans believe that an economy that operates best when decisions are made from individuals, not by the government or higher power officials.

Advantages

Advantages: Established economic and political freedom. Consumers can buy or refuse products, automatically determining what will be produced next.

Individuals can pick the job or profession without being assigned specific duties in a command or traditional economy.  The political process can have more freedom.

Profit is another huge deal. Market economies ensure that their wont be any inefficiencies.

Great variety of products are available to anyone who can buy them.

Disadvangtages

Overproduction of products and resources can become common.

Economic and social inequality.

Corruption with businesses and fractions of society increases.

Analysis of questions

What will be produced? : Basically different states with different kind of resources will determine what will be produced.

How will it be produced?: Factories, Warehouses

Whom will it be produced for?: Mostly products will be produced for consumers.

Resources

Comment Stream

2 years ago
0

I liked how you organized you information. You could add a bit more information on the 3 economic questions. I liked the pictures you used. :)

2 years ago
0

The pictures you used accurately represent what the market economy is about. I also like the font for the headings.