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MARKET ECONOMY

In a market economy, the questions of What, How and Whom to produce are made by individuals and firms acting in their own best interests. In economic term a market is an arrangement that allows buyers and sellers to come together to conduct transactions.
The state plays little or no part in economic activity.
The market system of economic organization is also commonly described as a free emterprise or capitalist system.
There are several other essential elements in a market economy. One of these is private property. By «private property» we mean the right of individuals and business firms to own the means of production.
Although markets exist in traditional and command economies, the major means of production (firms, factories, farms, mines, etc.) are usually publicly owned. They are owned by groups of people or by the government. In a market economy the means of production are owned by private individuals. Private ownership gives people the incentive to use their property to produce things that will sell and earn them the profit.
This desire to earn the profits is a second ingredient in a market economy. The profit motive drives sellers to produce the things that buyers want, and at a price they are willing to pay.
A market economy has several major advantages that traditional and command economies do not have. First, a market economy is flexible and can adjust to change over time. The second major advantage of the market economy is the freedom that exists for everyone involved. Producers are free to make whatever they think will sell.
They are also free to produce their products in the most efficient manner. Consumers on the other hand are free to spend their money or buy whatever goods and services they wish to have. The third advantage of the market economy is the lack of significant governement intervention. Except for national defence, the government tries to stay out of the way. As long as there is a competition among producers, the market economy generally takes care itself. The final advantage of the market economy is the incredible variety of goods and services available to consumers. In fact, almost any product can and will be produced so long as there is a buyer for it.

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