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tester [92]
3 years ago
7

What are the main benefits of a market economy?​

History
1 answer:
Scilla [17]3 years ago
7 0

Answer:

A market economy is an economy where most resources are owned and controlled by individuals and are allocated through voluntary market transactions governed by the interaction of supply and demand.

Explanation:

A market economy has several advantages:

Competition leads to efficiency because businesses that have fewer costs are more competitive and make more money.

Innovation is encouraged because it provides a competitive edge and increases the chance for wealth.

A large variety of goods and services are available as businesses try to differentiate themselves in the market.

Economic activity is encouraged because you need money to live and need to engage in economic activity (through employment or self-employment) to make money.

Freedom of individual choice is possible to the extent that the market provides options for work, developing a business, and purchasing goods and services (so long as you can afford them).

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Answer:

He started the assembly lines in 1908,which made making cars faster and easier. Since it was easier to make, the prices went down. Once the prices were down, more people could afford cars on credit. Credit is paying for something overtime. More and more people bought things on credit, but people weren't paying. Most people were in debt and lost their jobs, which led to The Great Depression.

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Explanation:

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A

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