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:
Answer:
Samuel Slater.
Explanation:
Samuel Slater was an English-American textile inventor he is known as the father of industrialization in america, he worked as a young man on textile mills and memorized the design for the machines, which he will replicate and adapat for american use once he migrated to america at 21 years old, he started manufacturing and selling the textile mills, but eventually he started to create and construct them for himslef creating a great bussines for him and his family developing upto 13 textile mills with farms and towns developed around them.
Arabian sea
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