Friday, September 21, 2012

Market Economy

Some of the benefits of a Market Economy is that the consumers get to control the market because it is based on our needs, the supply and demand, so majority of the time, customers like me would be able to get what I want with a reasonable price. Another good thing about the Market Economy is that there is little interference from the government because the entrepreneurs are the ones controlling the system, people who can make the decisions. The downside to a Market Economy is that not everyone can get the same benefits such as health care, insurance, universal education etc. In other words, people with lower income has less benefits from this type of economy.
On a personal level, I have friends right now who are trying to find a job but they can't because the market is so competitive since businesses are more interested in adults who have more experience. Another factor is the poor economy, resulting in a large amount of unemployed workers because the market is not producing enough new jobs to keep up with the pace and demands of the our society.
Although the market may have some disadvantages, it's still very effective. For example, when I go shopping,  the stores will always provide/produce enough goods for the customers and depending on the demand they can control the prices, so when something is out of season/style, the price will be reduced which is very fulfilling for those who don't want to spend as much.
With the poor economy right now, will there ever be a way for the government to incorporate more benefits into the market system? Such as providing more services (health care) for everyone or is it impossible?

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