Economics. Period 4
26 March 2014 A free market economy can be argued to be the best economy because of it encouraging private ownership of a business. People make money for themselves, and gets to keep the money they make. The market economy is the best economic system because the more you work, the more money you get to keep. Everyone makes their own decisions in their own interest. First, the market economy is the best economic system because it has a high degree of freedom. People in an economic system may spend their money on any need or want they desire.
“They also are free to decide where and when they want to work, or if they want to invest further in their own education and training” (Clayton 39). Anyone who uses a market economy has the right to do what they want with their own money. “At the same time, producers are free to decide whom they want to hire, which inputs they want to use, as well as they want to produce”
Another reason why the market economy is the best economic system is because there is a variety of goods and services. Anyone and everyone can get the good or service they want in a market economy. “You can find ultrasound devices to keep the neighbor's dog out of yard, or you can download music video to your cell phone” (Clayton 39). This means that using a market economic system you can get any good or services you need or desire. “If a product can be imagined, it is likely to be produced in hopes that people will buy it” (Clayton 39). Any product that you want or think of can be made or sold in the market economic system.
Finally, the market economy is the best economic system because it has free enterprise.
Which the market economic system has limited government. Most of the decisions made in an economic system is made by buyers and sellers. “A