Two major virtues of the market system are that it:

-results in an equitable personal distribution of income and always maintains full employment.

-results in price level stability and a fair personal distribution of income.

-allocates resources efficiently and allows economic freedom.

-eliminates discrimination and minimizes environmental pollution.

Question

Business

Squeeky

11 October, 20:15

Two major virtues of the market system are that it:

-results in an equitable personal distribution of income and always maintains full employment.

-results in price level stability and a fair personal distribution of income.

-allocates resources efficiently and allows economic freedom.

-eliminates discrimination and minimizes environmental pollution.

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Answers (1)

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Marvin · Answer 1

The correct answer is allocates resources efficiently and allows economic freedom.

The market system of economics is one where economic decisions and the pricing of goods and services are guided solely by supply and demand and there is limited to no government interaction in the economy. Because of this, two major virtues of the market system are that it allocates resources efficiently and allows economic freedom.