Market Economic System

What is a market economy system?

How does competition pressure motivate companies?

What is consumer sovereignty?

Which department does the market economy system rely least on for the provision of goods and services?

What three efficiencies does competitive pressure incentivize companies to achieve?

What are the benefits of improving production efficiency?

What are the advantages of a market economy system?

What does market failure refer to?

What is externality?

How to calculate the total cost and benefit of economic activities in society?