Okay, what about it do you need to know?
Answer:
Entrepreneurs independently choose the field of activity, suppliers, contractors, markets. They have the right to engage in pricing, implement their long-term plans, as well as freely dispose of their property and income. The consumer in such a system is also independent. He is guided only by his needs and understanding of the marginal utility of the good. A market economy tends to self-regulate through a market mechanism. The gradual establishment of a balance of supply and demand contributes to the formation of equilibrium prices within which industries operate.
The internal rivalry of companies has a positive impact on the economic system of the country as a whole. Competition contributes to the expansion of production, its automation, optimization, implementation of innovative technologies and approaches to creating economic benefits. It encourages manufacturers to create exactly those goods and services that consumers need. Market self-regulation takes place through competition. The gradual establishment of the equilibrium of the system leads to a natural reduction in the cost of production, which in turn increases the wealth of the population and its degree of satisfaction with respect to the goods offered by the market.
Explanation:
These ideas are most closely associated with no other than Karl Marx. He brought about this idea in his seminal work called the Communist Manifesto, where he talked about various things pertaining society and class struggles. Among them he also develope dthe notion of the dictatorship of the proletariat where the proletariat would have all the political power in a new type of society.
Answer: True.
The Fourteen Points was a statement of principles for peace that was to be used for peace negotiations in order to end World War I. The principles were outlined in a January 8, 1918, speech on war aims and peace terms to the United States Congress by President Woodrow Wilson.
