What makes it successful
Encourages businesses to improve quality and lower prices
What is competition?
Companies lower these for consumers
What is prices?
A market economy has significant amounts of this
What is income inequality?
The best example of a market economy
What is USA?
In a market economy decisions are not made by...
What is the government?
This is crucial for market economies
What is a competitive environment?
In a market economy, people are rewarded for this, increasing productivity
What is hard work?
Many people in a market economy are below this class
What is middle class?
This political party believes there should be less government involvement in the economy
What is Republicans?
Prices are changed depending on....
A market economy should be able to balance this
What is growth, social, and economical factors
Market economies are great at this because they don't have to wait for approval from the top to make decisions
What is rapid adaptability?
Market economies are really easy to turn into this
What is a monopoly?
In capitalism these people usually own businesses and resources
What is private individuals?
Decides what goods and services are being produced
What is consumers and producers?
Is used to protect individuals from being forced to do something against their will
What is voluntary exchange?
Businesses try to maximize this
What is profit?
Intense competition leads to this
What is cut wages and labor exploitation?
Two countries with a market economy
What is the USA, UK, and Japan?
More supply than demand causes this
What is prices being dropped?
Is needed for a market economy to be successful
What is individual freedom and legal framework?
Encourages firms to create and innovate higher quality products
What is profit?
Market economies tend to overlook this
What is environmental damages?
Is the fourth largest economy in the world
What is Japan?
Forces companies to become more efficient
What is competition?