Question

state the features of the market system? (For 3 marks)

Answer 1

Explanation:

• compatetion: few bussinesses are excited about competition.however, it's an advantage for both the bussiness and consumers.it forces companies to stay in touch with the consumer wants and needs,as well as find their own competitive advantage.the consumer benefits through lower prices and improved customer service.
• profit: bussiness owner are excited by the amount of profit they make.profit is way more privelent in a market economy than one that's controlled by the govt..To make a profit the bussiness has to figure out how to get as many customers as possible that will pay highest price possible. and customer are looking for the better quayat lowest price