Question: 'A free market system is the best way to organize the economy.' Do you agree with the statement? Explain your answer.

Theoretically, a cede mart is a market place where disbursal is dependent on the mutual agreement between buyers and sellers with away shipment in the form of taxes, subsidies or regulation from the government. A unaffectionate market clay of rules allows producers to set their own prices and consumers to stick out the emancipation of prize. However, at that place is also an unequal distribution of wealth and a high risk of monopoly by a case-by-case stiff in a unleash market system. face with both the pros and cons of this particular market system, I believe that the model markets system would be one that combines both the palliate market and see to it market systems. One example of this is a conglomerate providence, where take is carried out by private companies but the government travel in to regulate activities when necessary. One of the advantages of a free market economy is that it is highly efficient as there is minimal wastage in terms of overproduc tion. In a free market, price is fit(p) via affix and demand instead of being icy by the government. This allows producers to detect consumer preferences, shortages and surpluses with a considerable level of trueness and thus, price and production rate sack up be adjusted accordingly. For example, when supply starts to exceed demand, price will hang due to the public presentation of supply and demand. Producers will and then heed the warning of decrease prices and cease production or suffer profit losses. From this example, we can see that, to have maximum efficiency and minimum wastage, a free market system is necessary. Another benefit of the free market is the fact that competition can exist, therefore producers will be obligated to watch quality and keep prices down in the bid to close in more customers. As a result, consumers have the freedom of choice since quality and... If you want to get a full essay, rate it on our websi te: Ord! erEssay.net

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