Explain which economic system (market, planned, mixed, or traditional) you think is best for consumers. describe at least one reason why you think this system is best for consumers.

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Makai Rowland

Business

15 April, 10:51

Explain which economic system (market, planned, mixed, or traditional) you think is best for consumers. describe at least one reason why you think this system is best for consumers.

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Maritza Carpenter · Answer 1

The best economic system for consumers is market economy, this is because consumers are part of the forces that determines how the market operates.

Market economy is control by the force of demand and supply; what is demanded in the market is what the manufacturers will supply. In a market economy, there are many suppliers and consumers can buy from any one of them, if one of the suppliers increases his own price, consumers can easily go somewhere else to purchase at lower price. Thus, market economy is favorable to the consumers.