Some advantages is that the most demanded goods and services get produced. Secondly, goods and services are made in the most effective way. Third, it helps reward innovation. New products that are created will end up meeting the needs of the customers. It’ll be better than the goods and services that already exist. Now for the disadvantages, the key to a market economy is competition. Therefore they don’t care for people who are at a competitive disadvantage. That would include kids, people with disabilities and the elderly people. Second, society only cares about the rich people in a market economy. They could produce expensive things for the rich while the rest suffer and starve. Pure market economies must figure out if its in its self interest to help out the
Some advantages is that the most demanded goods and services get produced. Secondly, goods and services are made in the most effective way. Third, it helps reward innovation. New products that are created will end up meeting the needs of the customers. It’ll be better than the goods and services that already exist. Now for the disadvantages, the key to a market economy is competition. Therefore they don’t care for people who are at a competitive disadvantage. That would include kids, people with disabilities and the elderly people. Second, society only cares about the rich people in a market economy. They could produce expensive things for the rich while the rest suffer and starve. Pure market economies must figure out if its in its self interest to help out the