Question

Think of a product you use that was developed or modified as a result of some change in the market place.

1) would this product have been developed in a command economy?
2) How this product demonstrate the strength of the free enterprise system?

Answer 1

Smartphones have significantly evolved over time due to changes in consumer preferences and technological advancements in the market. The development of smartphones would not have been possible in a command economy. Smartphones demonstrate the strength of the free enterprise system by showcasing how competition and consumer demand drive innovation.

Step-by-step explanation:

The product that I use that was developed as a result of a change in the market place is the smartphone. Smartphones have significantly evolved over time due to changes in consumer preferences and technological advancements in the market.

1) The development of smartphones would not have been possible in a command economy. In a command economy, the government controls the production and distribution of goods, and there is limited room for innovation and market-driven development.

2) Smartphones demonstrate the strength of the free enterprise system by showcasing how competition and consumer demand drive innovation. In a free enterprise system, companies compete to develop the best product that meets consumer needs, which leads to continuous improvements and advancements in technology. The smartphone industry is a prime example of how the free enterprise system fosters innovation and leads to the development of improved products for consumers.