0
According to economists, the free market system brings efficiency because customers are free to buy from whatever company they want to buy from.
That's also an example of freedom of choice.
Brandon Pagac
Wiki User
∙ 14y agoA free market, which has no interference from outsiders, like the government, is efficient because it forms a natural equilibrium between supply and demand. Suppliers are willing to supply the good and consumers are willing to buy the good at the price and quantity set by the natural forces of the free market. In this system, there is no deadweight loss.
Add your answer:
Earn +20 pts
Explain why the free market system brings efficiency as well as freedom?
According to economists, the free market system brings efficiency because customers are free to buy from whatever company they want to buy from. That's also an example of freedom of choice.
Why is the free-market system system brings effiency as well as freedom?
Producers are driven to lower costs due to the freedom of consumer choice provided by free-market system. To lower costs, producers have to eliminate wastes which brings about efficiency
In a freemarket system producers are motivated to reduce costs and increase revenues because of which of the following?
Profit Motive
Explain how a market system achieves economic efficiency?
market systemWhere money is used for exchange in place of goods and services.According to economists, the free market system brings efficiency because customers are free to buy from whatever company they want to buy from. If they do not like the way one company does...
What is the definition of efficiency-?
The ratio of output to input of a system or process.
Why the free market system brings efficiency as freedom?
According to economists, the free market system brings efficiency because customers are free to buy from whatever company they want to buy from. That's also an example of freedom of choice.
Explain why the free market system brings efficiency as well as freedom?
According to economists, the free market system brings efficiency because customers are free to buy from whatever company they want to buy from. That's also an example of freedom of choice.
What is a factory?
A factory is a system which brings manufacturing steps together in one place to increase efficiency.
What is freemarket system?
It means the the business is privately owned and operated. It is not owned or controlled by the goverment.
Why is the free-market system system brings effiency as well as freedom?
Producers are driven to lower costs due to the freedom of consumer choice provided by free-market system. To lower costs, producers have to eliminate wastes which brings about efficiency
Why is the free market system system brings effiency as well as freedom?
Producers are driven to lower costs due to the freedom of consumer choice provided by free-market system. To lower costs, producers have to eliminate wastes which brings about efficiency
In a freemarket system producers are motivated to reduce costs and increase revenues because of which of the following?
Profit Motive
In a freemarket system consumers let producers know what they want to buy and how much theyre willing to pay through what?
Their purchases.
Explain how a market system achieves economic efficiency?
market systemWhere money is used for exchange in place of goods and services.According to economists, the free market system brings efficiency because customers are free to buy from whatever company they want to buy from. If they do not like the way one company does...
What combines free enterprise and government decisions in the marketplace?
freemarket
What is the efficiency of the pulley system in percent?
The efficiency of a pulley system depends on how it is set up. Be specific.
What countries use freemarket capitalism?
United Arab Emirates, for one.
