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the basic coordinating mechanism in a free market system is Price.
Price is the rationing mechanism. Whoever can afford it, will by it.
Through price mechanism...
A basic feature of the free market system is that consumers make their own economic choices
The price mechanism is a feature of the free market and operates through demand and supply and the self interest of individuals, government action is minimised. This has the benefits of incentive, efficiency, innovation, choice and consumer sovereignty. Against this there may be market failure including inequality, lack of public and merit goods, externalities and instability. Depending upon the degree of failure the mechanism may be more or less effective. The price mechanism does not solve the basic economic problem but is thought to be effective when operating efficiently.
What is technology in market mechanism?
teachers
the basic coordinating mechanism in a free market system is Price.
Inequity
Price is the rationing mechanism. Whoever can afford it, will by it.
competition
the mechanism failed when the earthquake struck. or the mechanism is essential because it provides humans with clean and breathable air in a city full of smog
lysine
market mechanism
Through price mechanism...
A basic feature of the free market system is that consumers make their own economic choices
The price mechanism is a feature of the free market and operates through demand and supply and the self interest of individuals, government action is minimised. This has the benefits of incentive, efficiency, innovation, choice and consumer sovereignty. Against this there may be market failure including inequality, lack of public and merit goods, externalities and instability. Depending upon the degree of failure the mechanism may be more or less effective. The price mechanism does not solve the basic economic problem but is thought to be effective when operating efficiently.