Economic system seeks to answer three fundamental questions in economics, namely: What goods will be produced?How will the goods be produced?For whom will the goods be produced? These three questions give rise to two poles of the economic
Free Market Economy
Market Economy: Meaning, Characteristics, Pros, and Cons
What's it: A market economy is an economic system in which market mechanisms determine economic activity. In other words, the economy is based on the power of supply and demand, where individuals and businesses take the central role in making
Free Market: Meaning, Characteristics, Pros and Cons
What's it: A free market is an economic system in which the forces of demand and supply drive all economic activity. In a pure system (laissez-faire), the role of government in the economy is zero. In this economic system, companies and property
Free Market Economy: Meaning, Features, Examples, Pros, Cons
Some countries adopt a mixed economic system between a free market economy and a command economy. Some countries, such as Singapore, New Zealand, Australia, and Switzerland, are more inclined to free markets, according to the results of the 2020