What are the advantages a market economy offers producers?
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The market economy is a free economy. It means that produces are free to decide 'what, how and for whom to produce '.
The decisions are taken as under:
1. WHAT TO PRODUCE? The producer will produce those goods which offer them high profits.
2. HOW TO PRODUCE? The producers will always use that technology which maximises efficiency and minimises cost.
3. FOR WHOM TO PRODUCE? The producer will produce goods for those people who can afford to pay high price. poorer sections of the society are often ignored. It causes the problem of economic divide (the gulf between the rich and the poor).
It happens in US,UK.
The decisions are taken as under:
1. WHAT TO PRODUCE? The producer will produce those goods which offer them high profits.
2. HOW TO PRODUCE? The producers will always use that technology which maximises efficiency and minimises cost.
3. FOR WHOM TO PRODUCE? The producer will produce goods for those people who can afford to pay high price. poorer sections of the society are often ignored. It causes the problem of economic divide (the gulf between the rich and the poor).
It happens in US,UK.
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