Reasons Why People Believe That The Market System Is The Best Method Of Allocating Resources In An Economy.
Due to the market system and the price mechanism that is the forces of supply and demand there may be several factors to consider when determining why individuals prefer this particular market system as appose to other methods of allocating and distributing resources in an economy.
It is to ones belief that the economy under review may be classed as a market economy if there is price determination through the market forces as well as the possibility of government intervention. For this there may be several reasons as to why people believe that the market system may be the better mechanism for allocating recourses in an economy.
Fundamentally, the market system thrives on price determination through the forces of supply and demand, which is resources are distributed through the price mechanism which in turn is determined by the forces of demand and supply for these resources. More over under this type of economic......
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