Widgetland, Market Economy
BY: Mario Memko, Tunel Haque, Cesar Gonzalez
Characteristics Of Market Economy
2. Market economies features a private ownership of resources
3. People can choose to spend their money on the products they would like to buy which is like casting dollar "votes" for those products
Advantages and Disadvantages
1.An advantage of a market economy is that it adjusts gradually to change over time.
2.People are free to spend their money on any good or services they desire
3.People are also free to have a career in any workforce they choose
1.The economy doesn't provide for everyone, young and elderly would not survive without assistance from family or charitable groups.
2.This system has a high degree of uncertainty, companies can move to another country for lower costs.
3.A market economy also may not provide enough of some basic good and services.
Economic System As A Viable Place To Live
Mc Graw Hill Education