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a market economy is an economy in which the prices of goods and services are determined in a free price system.This is often contrasted with a state-directed or planned economy.
free market economy gives consumers a choice
brings out competiviness among suppliers
suppliers tend to be innovative to be viable on
the market
Underconsumptions of merit goods
overconsumptions of demerit goods
absence of public goods
who makes decisions?
the consumer
the u.s.
This type of economy ensures that every member of society has a purpose and as well, a participatory function in society. In other words, each person has a certain activity or job.
knows who they are and what
dobs are
strong social government
based on method & tools
not much economic growth & development
very little social mobility
limiting choices for consumers
who makes decisions?
everybody does because the head court
died & the people then decided to make
it an official economy
most african countries & some asian countries
maximizes the countries utilization of resources
distributes wealth equally among all people
only produces goods that are required for maintaining life
lack innovation
consumer demands are not met
can not detect consumer preferences accurately
who makes decisions?
the central government
Cuba, North Korea, China, & the Soviet Union