Advantages and Disadvantages of Free Market Economy

Advantages and Disadvantages of Free Market Economy What are the advantages of planned economy? We live in a market economy for quite a long time where the quality of life depends on how we interact with each other from a business point of view. It may not be possible for a company or brand to grow if the expectations of the target audience are not taken care of. What is a market economy? We can define a market economy as the economy where the resources are controlled and owned by company representatives, independent businessmen, and other similar people. These resources are allocated to each other based on personal interests, dedication, and stamina. A free market economy is where people are allowed to do businesses, to exchange products and services, and to transfer resources. People often exchange things like money, goods, and services, and intend to gain reputation in the competitive market. The quality of products and affordability determine whether a business can survive in the free market or not. Advantages of a Free Market Economy What are the advantages and disadvantages of economic systems? Some of the advantages are mentioned below. 1. High competition In the free market, there is always a high competition among companies and brands, and thus, they intend to provide clients with better and better products. if there is no competition, then it may not be possible for clients ...