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How does a market economy work?
12-17-2012, 07:02 PM
Post: #2
Sipra M Offline
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Market Economy:
*Demand and supply decides the production , consumption and distribution of resources of the economy.
* Therefore price is determined by demand and supply( 1st. introduced by Adam Smith with his idea of Invisible Hand).
* Minimum interference by the authority except for security and market correction. for social benefit.
* Producer and consumer sovereignty.
* Market economy is also known as Capitalist economy, nearest example is USA
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Messages In This Thread
How does a market economy work? - . - 12-17-2012, 06:54 PM
[] - Sipra M - 12-17-2012 07:02 PM
[] - Damien Molnar - 12-17-2012, 07:02 PM

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