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Summarize an economics article and reflect how the material you learned in class help you understand the article - Essay Example

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In a market economy, economic choices are made by a free market, meaning that the law of demand and supply regulates the production of goods and services. Goods and services are sold at a price that customers are willing and capable of paying for goods and services. Workers are…
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Summarize an economics article and reflect how the material you learned in class help you understand the article
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Summarize an economics article and reflect how the material you learned in class help you understand the article

Download file to see previous pages... There is also freedom of choice. Consumers, workers, businesses and owners have the freedom to produce, buy and sell goods and service in the market. The only limiting factor is the price at which they are able and willing to pay and sell and the capital that they have (Amadeo, 1).
The property economy is driven by the motive of self interest where goods and services are sold at the highest bidder while they pay the minimum for the services and goods. The forces of competition maintain the prices at reasonable levels and ensure that services and goods are offered efficiently. All sellers and buyers have the same access and information on which they base their decisions. The government ensures that markets are open and operating (Amadeo, 1).
Most goods and services wanted are produced in the most effectual manner. There is innovation in this economy which is profitable. Also, the persons and business that are interested in innovations accumulate a lot of capital which can lead to higher quality of goods (Amadeo, 1).
The market operates by competition and there are individuals in the society who are underprivileged. In this economic set-up, there is reward for individuals’ adeptness in competition, and thus, it reflects their values and organization (Amadeo, 1).
The most commonly thought premier market economy is the US. This has been a success because of its constitution which has maximum requirements that ease and protect the features of a market economy (Amadeo, 1).
The materials that we interacted with in class have helped in understanding what is meant by demand and supply and how they control the manufacturing of goods and services. They have been useful in understanding how and why producers are driven by profits while buyers want to save the highest possible amount.
Through the materials, one is able to understand why the market has such characteristics as private property, freedom of choice, ...Download file to see next pagesRead More
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