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In a market economy, people are motivated to work by self interest. In a command economy, such as that of North Korea, people are motivated by some combination of patriotism and fear. In a utopian community they might be motivated by idealism. Those are pretty much the only options.
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How does the market economy work?
An increase in trade and aided the growth of market economy
How does market economy work?
An increase in trade and aided the growth of market economy
Why must private ownership of property be guaranteed before a free market economy will work?
Private ownership of property is essential to a free market economy. Without private ownership of property a free market economy cannot exist.
Why is market economy the best economy?
A free market economy can be argued to be the best type of economy because it encourages private ownership of business. In other words, people make money for themselves, and whatever they make is theirs. There is lots of incentive to work because the more you work, the more you get in return of that work. Socialist command market systems have no incentive for working hard because their wealth is evenly distributed amongst the entire community. For example, a garbage man in China with two children would earn more profit in the long run than a doctor without any children. The doctor has no incentive to work hard and be good at his job because he doesn't reap his work's profits. This is why the free market system is thought to be the best type of economy.
Why is the market economy called a participatory economy?
Because it's based on the economic model where participation is necessary for it to work. IE: If you don't participate, there is no economy.
How does the market economy work?
An increase in trade and aided the growth of market economy
How does market economy work?
An increase in trade and aided the growth of market economy
What motivates people at work?
Money
Is Israel a market economey?
Israel does not have the best economy and it does need a little work... but what economy doesn't
How does Brazil's economy work?
Global Market , Capitalism oriented
What is the difference in job security under a communist state and a free market economy?
Communism has no state and no concept of a job. People will do work that they find fulfilling and useful. In a so-called free market economy, people are at the mercy of the market and their employer’s need for profit, and so have little real job security.
What did hoover do to help the economy after the stop market crashed?
getting people back to work rather than directly granting relief
What motivates the Filipino workers to work hard?
what motivates the Filpino workers to work harder what motivates the Filpino workers to work harder
Why must private ownership of property be guaranteed before a free market economy will work?
Private ownership of property is essential to a free market economy. Without private ownership of property a free market economy cannot exist.
Why is it important to know what motivates man to work?
why it is important to know what motivates man to work
Why is market economy the best economy?
A free market economy can be argued to be the best type of economy because it encourages private ownership of business. In other words, people make money for themselves, and whatever they make is theirs. There is lots of incentive to work because the more you work, the more you get in return of that work. Socialist command market systems have no incentive for working hard because their wealth is evenly distributed amongst the entire community. For example, a garbage man in China with two children would earn more profit in the long run than a doctor without any children. The doctor has no incentive to work hard and be good at his job because he doesn't reap his work's profits. This is why the free market system is thought to be the best type of economy.
Why is the market economy called a participatory economy?
Because it's based on the economic model where participation is necessary for it to work. IE: If you don't participate, there is no economy.
