Question

3. Mention the advantages of the market system​

Answer 1

The advantages of a market economy include increased efficiency, productivity, and innovation. In a truly free market, all resources are owned by individuals, and the decisions about how to allocate such resources are made by those individuals rather than governing bodies.

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Answer 2

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A market economy has several advantages: Competition leads to efficiency because businesses that have fewer costs are more competitive and make more money. Innovation is encouraged because it provides a competitive edge and increases the chance for wealth.