How a Market Economy Work? Advantages of a Market Economy


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Market Economy

resource allocation.

  • Each country contains free-market elements, however, there is no such thing as a completely pure free-market economy.

  • A market economy is an economic system in which individuals, rather than the state, own most of the resources.

  • Resources in a market economy include land, labor, and capital.

  • In a command economy, a central government or single ruler decides how many goods should be produced and services provided, and sets their prices.

  • Most countries, including the U.S., have economies with elements of both market and command economies.

  • Supporters of market economies argue that these economies have led to unprecedented development and growth.

  • Critics say market economies can disenfranchise vulnerable groups and lead to inequality


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