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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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Summary
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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Extract of sample "Summarize an economics article and reflect how the material you learned in class help you understand the article"

Insert 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 at the uppermost potential wages according to their level of expertise (Amadeo, 1).
There are six things that characterize a market economy. Properties are private property, which means that mainly goods and services are owned privately. The holder makes agreements and bids to sell, buy, rent or lease the properties (Amadeo, 1).
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).
Advantages of Market Economy
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).
Disadvantages of Market Economy
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).
Examples of market economy
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).
How the Materials Used In Class Are Useful
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, self-interest motive, competition, limited government prices and market system. Also, one understands what all these means to an economy.
By understanding the materials used in class, one is able to understand why the advantages are considered as such and why the disadvantages are taken as drawbacks. It is also possible to appreciate them and know how the disadvantages can be controlled. One also understands why the US economy can be named as an example of a private property economy. It is possible to point out the characteristics that make it such kind of an economy.
Work Cited
Amadeo, Kimberly. “Market Economy.” About.com, 2014. Retrieved on May 2, 2014 from: http://useconomy.about.com/od/US-Economy-Theory/a/Market-Economy.htm. Electronic Read More
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