A Mixed and Market World
Where are mixed and market systems?
Pretty much everywhere (except North Korea and that communist moon).
- Consumer sovereignty
- Private property and political rights
- Being like America
- Letting businesses operate somewhat freely while keeping things fair
- Efficient local economies (something command economies mess up)
- Since it is mixed, the advantages of market economies mix with the advantages or other economies
- "Unfair" business practices
- Basic utilities can become too expensive for the poor
How does this work with the economic questions?
What will be produced?
Consumers use their sovereignty to make producers produce what they want. If all the consumers decide they want to buy hoverboards (we are in 2015, come on...) and have the money to do so, then producers will start to produce hoverboards.
How will it be produced?
Since market economies exemplify profits, businesses (good businesses at least) will want to produce things in the most efficient way possible. This is an excellent strategy, because it minimizes resource use.
For whom will it be produced?
Market economies allow anyone to have something, as long as they can pay for it. Distribution systems will try to be fast and efficient, lowering costs (look at Amazon's warehouses for an excellent example, https://www.youtube.com/watch?v=ADgSTMla3EU).