Mention the advantages of market system ( FOR 3 MARKS) {MINIMUM 6 POINTS} who is first and give correct answer according to i tell i will definitely give brainliest
Answers
1)A market economy is an economy in which supply and demand drive economic decisions, such as the production of goods and services, investments, pricing, and distribution.
2)A market economy promotes free competition among market participants.
3)Notable benefits of a market economy are increased efficiency, production, and innovation.
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Explanation:Following are some advantages:
1. Competition between different firms leads to increased efficiency, as firms do whatever is necessary—including laying off workers—to lower their costs.
2. Most people work harder (the threat of losing one's job is a great motivator).
3. There is more innovation as firms look for new products to sell and cheaper ways to do their work.
4. Foreign investment is attracted as word gets out about the new opportunities for earning profit.
5. The size, power, and cost of the state bureaucracy is correspondingly reduced as various activities that are usually associated with the public sector are taken over by private enterprises.
6. The forces of production, or at least those involved in making those things people with money at home or abroad want to buy, undergo rapid development
7. Many people quickly acquire the technical and social skills and knowledge needed to function in this new economy
8. A great variety of consumer goods become available for those who have the money to buy them.
9. Large parts of the society take on a bright, merry and colorful air as everyone busies himself trying to sell something to someone else.
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