Question

Name seven main advantages to a market economy

Answer 1

Pros:
- freedom to choose your profession/work.
- competition between businesses (production of better products).
- work for your own benefit.
- we the people own the factors of production (land,labor, capital, entrepreneurship).
-financial growth.
-promotions.

cons:
-income inequality.
-unequal access to resources.
-no regulation for product safety.