Question

What are some of the benefits you enjoy because of the free market system

Answer 1

Step-by-step explanation:

A free market system is a system in which there is little of no intervention from government. Prices of products and services are set by the open market or consumers. Free Markets are determined by many factors. Three of the main factors of free market system are Competition, supply and demand. Participants in the free market decides everything by themselves. Government don't dictate them to do things like for example, owners of the companies set the prices of their products, people may or may not be willing to buy the product at the set price, whereas the labor negotiate their wage rate with the companies where they work. There are many advantages of free market like individuals are free to innovate things or products or services without any boundaries from the regulatory authorities. Secondly companies can make large profits in such markets through their businesses. Thirdly, free market helps in the expansion and growth of the economy of that country as there are no barriers in conducting businesses, so more people try to engage in the on going business activities and thus helps in the growth of the economy.

Answer 2

Free market gives people the opportunity of doing the business that fits them using any regulatory license. This helps consumers to make choices that they can manage among the competitive manufacturers and service providers.

Free market improves and creates a fair competition because it acts as a check price of improving the quality of the products while implementing qualitative changes. With open markets, consumers can make the best options that fit their budget and retain their standard quality of consumption.