Question

Explain the pros and cons of resource allocation by market mechanism

Answer 1

Answer:

In market system, resources are allocated by market itself, it relies mainly on the market forces to allocate resources. If the price is higher

Answer 2

Four Advantages of a Market Economy Consumers are willing to pay the highest price for the things they want the most. Businesses will only create those things that return a profit. Second, goods and services are produced in the most efficient way possible