Widgetland, Market Economy

BY: Mario Memko, Tunel Haque, Cesar Gonzalez

Characteristics Of Market Economy

1. A great deal of freedom for the people

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

Advantages:

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

Disadvantages:

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

It is a great deal of freedom. Choices are made by the people for the people. Citizens can own their own resources such as Land, Labor, Capital, Entrepreneurship. Also Citizens can use the factors of production to their own benefits for the establishment of individual wealth.
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Sources

Economic Book

Mc Graw Hill Education