• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Describe the Advantages of a Market Economy

Extracts from this document...


´╗┐Advantages of a Market Economy There are many different types of economies because each economy is based on the values and political systems of the country. However, all countries struggle with scarcity and with how to best use their resources of land, labour and capital. In the command economy, the government decides what will be bought and sold. The market economy allows economic decisions to be made by individuals with very little government interference. In the mixed market economy, economic decision making is divided between government and individuals. I believe that the market economy best meets the needs of society. ...read more.


Another advantage to a marked economy is that it provides religious freedom. Because the government has very little influence, dictatorship is eliminated. No single monarch can decide what is religiously acceptable. The public can practice and preach what they wish, and no overly powerful individual, or small group of individuals, can bring down their fist against it. Religious restriction creates a fearful country; therefore, a country with freedom of religion will be united and stronger, able to overcome any obstacles as a unit. One last factor improved by a market economy, which is probably the least important but perhaps the highest valued, is recreation and relaxation. ...read more.


Therefore, people would have more relaxation time. Both of these factors would raise the moral of the citizens, resulting in a happy, cooperative, and peaceful society. The needs of society are best met by a market economy. The market economy covers a wide range of necessities including political freedom, religious freedom, and recreation and relaxation. This means that the country would be stable politically, unafraid to practice their faith and be who they are, and the public would have high moral. This would result in the country running smoothly. Also, due to the participation of the general public, it would be much closer to the coveted ideal of everyone being happy. Source:http://www.wmnet.org.uk/resources/stern/stern/commonimages/moneycogs.jpg ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE Economy & Economics section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related GCSE Economy & Economics essays

  1. Chinese car market overview. Citroen case study

    Then by entering the Chinese market, we would like to follow our international development strategy and to adapt our communication to the chinese cultural environment. Advertising Then, as we said before, we have to target both family and individuals. It means that we should have two messages as different as the targets could be.

  2. The Social Balance - The Mixed Economy.

    Hence there was a large jump in the size of the public sector. But on the basis of past experience, and on what one would expect of the psychology of ministers, growth forecasts will always tend to err towards optimism.

  1. This report will establish the opportunities and threats presented to Sony by the EU ...

    then gets to the consumers faster because it is not being shipped from Japan to the EU. Nonetheless, if Sony wants to sets up subsidiaries abroad, a number of things should be taken in to account like the taxing matters, the number of strikes that takes place within the country and what disposable income they have.

  2. Outline the main features of a market economy and compare it to a Command ...

    Discuss the weaknesses of each system. (10) There are many weaknesses to both economic systems. One problem the free-market economy encounters is poverty. Many people in laissez-faire economies can find it difficult to work for various reasons such as being ill, to old or being unskilled.

  1. Split Votes: A Nation Divided on the Marijuana/Drug Legalization Debate

    They insist the government should take an active role and set up a program to regulate the marijuana market. Through regulation and taxation, the government could profit from the use of marijuana, make it harder for children to buy it, take the power away from street dealers, and keep marijuana and "hard" drugs separate by selling marijuana in legalized shops.

  2. Overview of Intercontinental Hotels Group

    The long term monopolistic competition is demonstrated as following: Figure 2 - Long run monopolistic competition for InterContinental Source: William-King.edu (1999) As the new hotels enter, they will attract the customers away from InterContinental. The demand curve of InterContinental will shift to the left.

  1. Chinese economy sets for soft landing in 2005.

    Garten reckoned that China could well experience a major financial crisis in future. "As China becomes more market oriented, the less the government can do; the more difficult it is to control these issues," he concluded.

  2. Tourism market analysis Polish economy

    At the same time, they also prefer customized arrangement, and there is a strong trend towards more participative experience at the destination. In addition, the behaviour of tourists also has changed: people are travelling closer to home, which benefits domestic and intra- regional tourism.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work