Paper Airplane Challenge: A Market Economy

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Presentation transcript:

Paper Airplane Challenge: A Market Economy

A Market Economy an economic system in which private individuals own the factors of production and are free to make their own choices about production, distribution and consumption

Research and Development work to create inventions or innovations in the structure and/or production of goods and services

Competition the rivalry between two or more individuals or companies striving for the same thing business compete for customers workers compete for jobs

Profit Seeking decisions are made in a market economy based on what is likely to produce the greatest profit

Advantages and Disadvantages Competition Increased quality Money spent on research and development Increased number of goods DISADVANTAGES Only people with resources can participate Income gap

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