Can market economy result in inequitable outcomes? Support your answer.
Answers
Answer:
The market economy helps with solving the economic problem by providing a mechanism for deciding what, how and for whom production will take place. In a free market system consumers are the ones to determine the allocation of resources. The amount of money consumers spend is determined by wealth and income.
Explanation:
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Answer:
Market economies and command economies occupy two polar extremes in the organization of economic activity. The primary differences lie in the division of labor, or factors of production, and the mechanisms that determine prices. The activity in a market economy is unplanned; it is not organized by any central authority but is determined by the supply and demand of goods and services. The United States, England, and Japan are all examples of market economies.