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MARKET ECONOMY. FEATURES OF THE FREE ENTERPRISE SYSTEM: Owning private property is a basic freedom in the free enterprise system.

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Presentation on theme: "MARKET ECONOMY. FEATURES OF THE FREE ENTERPRISE SYSTEM: Owning private property is a basic freedom in the free enterprise system."— Presentation transcript:

1 MARKET ECONOMY

2 FEATURES OF THE FREE ENTERPRISE SYSTEM: Owning private property is a basic freedom in the free enterprise system.

3 People and businesses are free to enter into a voluntary exchange agreement.

4 PROFIT Sellers are free to make as much profit as they can.

5 People are free to focus first on their own self-interest. People are free to “vote with their dollars”. People are free to start a business and or choose their career.

6 Little government interference.

7 COMPETITION Sellers can use any method (legally) in order to get consumers to buy their products

8 SPECIALIZATION Buyers and sellers are able to concentrate their efforts in areas where they have an advantage.

9 Impact of Market Economies ADVANTAGESDISADVANTAGES Economic Freedom – jobs, purchases Unequal distribution of wealth Political FreedomUnequal opportunities Quicker response to change Profit

10 Two major trends in modern economies: 1. Many economies moving away from Command Systems and privatizing business. 2. Globalization by getting foreign investors.


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