Free Market
Economy
Characteristics of a Free Market
1.Private property
2.Freedom of choice
3.Motivation of self intrest
4.Competition
5.Limited Government
Advantages of a Free Enterprise
Freedom to Innovate : New ideas, develop new products and new services can be offered by business owners .
Customer Drives Choices : The customer makes the ultimate choice on which products succeed or fail.
Wide variety of goods and services : Everybody is satisfied because wide variety of goods and services are available.
Disadvantages of a Free Entreprise
Danger of Profit Motive : The main purpose is to make profit. Values and ethics can be sacrificed during that process.
Market Failures : Risks are really high and the Great Depression is one the biggest issue we've faced.
Unemployment growth : With more machines used, less employees will be needed.
Free Entreprise = Unfair Use of Freedom
In addition to why it will clearly be a system full of flaws, this image really emphasizes on the point that people with a lot of power or property will not have any intent to help the poorer or treat others with empathy since they are free to regulate how they want what they own.
A free market full of problems
This economic system is not a valuable place to live mainly because of the living cost that will be really high. The middle class will suffer a lot from this, since the market is "controlled" by richer people with more powers at their hands. For the poor, it will be really difficult to find a job and owning a home will be even unimaginable for some.