Benefits of market mechanism system
Answers
Explanation:
In a market system, producers compete with each other by offering wider variety of goods, therefore consumers have more choice, this may even lead to lower prices. Competition pushes businesses to be efficient: keeping costs down and production high. ... In order to do this, the firms need to be more efficient.
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Answer:
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(1) it protect individual freedom
(2) resources of production are utilised to the greatest extent and efficiency
(3) production can be done Abundantly
(4)it continuously encourages new research as a result economic development faster
(5) quality of good and service improve because of competition.
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