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Essay / Research Paper Abstract
This 3 page paper examines the concept of a free-market economy. The concept itself is outlined, and then the advantages and disadvantages associated with this type of market economy are discussed, including real life examples of the benefits and difficulties associated with this model. The bibliography cites 3 sources.
Page Count:
3 pages (~225 words per page)
File: TS65_TEfeeemkt.doc
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Unformatted sample text from the term paper:
one where the firms survival is reliant only on their own ability to compete without any interference in the form of external controls and regulations, such as government controls. It
is argued that this is a form of market where the free competition drives forward innovations with the need to compete. The model is also proposed as being beneficial for
consumers; the lack of price or supply controls means that the prices are likely to be determined only by supply and demand, with a potentially high level of competition helping
to keep prices down which will benefit consumers. It is also argued that through the concept of the "invisible hand" all requirements, such as socially expected values, will
make themselves felt, with companies having to respond to demand in the way that they provide goods. It is argued that if a company fails to respond this will lead
to a reduction in sales and possibly failure the company. For example, according to this model if environmental issues are seen as important by consumers, this will manifest in the
way that demand for goods and purchase choices are made forcing companies into making sound environmental decisions. There are certainly many advantages associated with this type of market, in markets
where there has been regulation which have subsequently seen deregulation or liberalization there have been benefits for the consumers; examples was include the railway industry, the airline industry and
telecommunications. In the case of all of these industries consumers have benefited, with the increased competition resulting in a reduction in prices, increased choice as well as innovation. In maybe
argued this has a knock-on impact on other firms, as it is not only consumers that benefit, but more efficient telecommunications and transportation also aids other commercial interests. However,
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