Supply Side Economics : The economic theory that explains that the increase of supply can grow the economy of the product
The Advantages Of Market Economy System
Efficiency -: Competition makes private individuals and firms to supply what the consumers want, this helps to having new innovations of the product, these kind of innovations can bring high response to the market
Freedom Of Choice -: Individuals have the right to buy the type of goods or service they want, they also have the right to choose which career to pursue without the government's intervention
Incentives -: Incentives are the motive of firms to supply for their profits while the incentives for individuals are the thoughts of earning unlimited money, a motive for them to work, these kind of incentives and motive help the economy and boosts there standards
The Disadvantages Of Market Economy System
Income And Wealth Inequalities -: In the market economic system the rich people have far more choices and wealth than the poor in our society, the production of products and most of the needs and wants are only for the rich people while poor people have really less facility of needs and wants in our society as they cannot meet with the price
Environmental Issues -: The disadvantages the market economic system can cause us are the depletion of resources, climate change and pollution, all of these are most likely to occur when production takes place
Social Hardship -: The absence of government can cause the absence of public goods, street lights, public roads, national defence and etc wont be build
Wasteful Competition -: Sometimes competition can cause extra packaging or advertising of a product as the firm wants to be ahead of their rival, some of the firms use Pesto power to increase their popularity of there production
Pesto Power
Pesto Power happens when children annoy their parents to buy something for them, if they want toys they crib with their parents to buy the toys, it's basically annoying to buy goods
aryan, heading is advantages of supply market system.but content is disadvantages and advantages of market economy system and all. is there anything need to change ?i felt some mismatches....