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Published byAnnabelle Juliana York Modified over 9 years ago
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MARKET ECONOMY
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FEATURES OF THE FREE ENTERPRISE SYSTEM: Owning private property is a basic freedom in the free enterprise system.
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People and businesses are free to enter into a voluntary exchange agreement.
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PROFIT Sellers are free to make as much profit as they can.
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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.
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Little government interference.
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COMPETITION Sellers can use any method (legally) in order to get consumers to buy their products
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SPECIALIZATION Buyers and sellers are able to concentrate their efforts in areas where they have an advantage.
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Impact of Market Economies ADVANTAGESDISADVANTAGES Economic Freedom – jobs, purchases Unequal distribution of wealth Political FreedomUnequal opportunities Quicker response to change Profit
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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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