Question

Describe two benefits you enjoy because of the free-market system. Be sure to state why the free-market system brings each of these benefits.

Answer 1

The first benefit is that the free-market system allows business owners to come up with their own innovative and creative ideas. The government does not have to scan or approve such ideas, which gives business owners the freedom to improve their products. This not only produces better products, but also creates an environment for competition among businesses.

The second benefit is that it caters to your needs as a consumer. Businesses are geared towards satisfying the customers instead of following whatever the government wants. This means that consumers have more influence and rights in a free-market system.

Answer 2

Benefit: One benefit is that the producers get to decide on their own what to produce. They get to use their own ideas without the government interfering. This not only produces better products, but also creates an environment for competition among businesses.

Connection to free market: The free market system brings this benefit because it is the producers choice as to what Is produced, how production is organized, how the goods and services are distributed, and what the most effective allocation of resources is.

Benefit: The second benefit is that the producers are making products that I, as the consumer, want and need. Consumers get to make just as many decisions as the producers.

Connection to free market: The free market brings this benefit because since the producers get to make all these choices, they have to make the choices that will benefit the consumer. It is a cycle.