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19 September, 08:24

Define free market system and identify and describe at least three of its major concepts or attributes

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  1. 19 September, 08:51
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    Free market economies allocate resources through demand and supply with minimal government intervention.

    private ownership - all factors of production within the economy are owned mainly by private individuals and organizations.

    Free enterprise - owners of factors of production and producers of a goods and services a free to produce what they want through the market forces of demand and supply.

    Competition - Companies have a competitive drive, thus better quality goods and more variety of products which are at lower prices. (more productively efficient)
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