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: 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.
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.