Which of these is a major advantage of a market economy?
Select one:
1.There is efficient government control of production and
distribution.
2.It can change direction rapidly when needed as markets change.
3.People are likely to be offered goods and services they can't
afford.
4.There is a high degree of individual freedom.

Question

23-06-2022
Business

contestada

Which of these is a major advantage of a market economy?
Select one:
1.There is efficient government control of production and
distribution.
2.It can change direction rapidly when needed as markets change.
3.People are likely to be offered goods and services they can't
afford.
4.There is a high degree of individual freedom.

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nikitavidya0 nikitavidya0 · Answer 1 · 2022-06-30T07:31:30+02:00

These is a major advantage of a market economy is it can change direction rapidly when needed as markets change. Thus second option is correct.

What is Market Economy?

Market Economy refers to the economy in which the prices of the goods and services are determined by the two market forces that are supply and demand.

There is a less control of the government in the market economy and therefore all the decisions are taken by the private individuals. Thus option 1st is incorrect.

The Prices of the goods and services are determined by the supply and demand forces and the prices are kept as per the affordability of the customers. Thus option 3rd is also incorrect.

Therefore the correct option is 2nd one as the market changes the price of the good and services are also effected and get changed.

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