School: Supply and Demand and New Technology Essay

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Criteria of successful markets * Markets answer the three fundamental economic questions in a market economy: * What to produce (the nature of production) * How to produce (the production processes) * For whom to produce (the distribution of production) * Markets set prices, including wages through the demand and supply for labour. * Important that markets work well to have an economy that functions properly and meets the needs of the population.
Criteria used to judge how successfully a market meets the needs of consumers and producers:
Price:
* A successful market delivers the lowest possible prices to consumers while still enabling producers to make a profit. * A lower price allows consumers to increase their consumption of goods and services and therefore satisfy more wants. * A successful market is more likely to be achieved if resources are efficiently due to competition.
Choice:
* A market should provide consumers with a wide choice of products and also a range of sellers. (more likely in a market with a large number of firms) * Customers can choose from a variety of products at a range of prices and satisfy more wants. * If a customer does not like the product of a particular firm, they can turn to alternative firms.

Quality: * The market should provide quality products for consumers. * Competition forces producer to provide quality goods and services to keep their customers. * Poor quality products means tee firm runs ricks of losing market share. A high level quality will be partly achieved through the use of improved technology.
Efficiency:
* How well the market uses resources in production. * Efficiency is important because given that resources are scarce, they need to be used in the best possible way, to maximise

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