I’m studying for my Business class and don’t understand how to answer this. Can you help me study?
The free market is an economic system based on supply and demand with little or no government control. It is a summary description of all voluntary exchanges that take place in a given economic environment. Free markets are characterized by a spontaneous and decentralized order of arrangements through which individuals make economic decisions. Based on its political and legal rules, a country’s free market may range between very large or entirely black market
.Can the free market solve all problems? Why do we need government intervention in the
market? Briefly explain using relevant concepts from class or from the world in general.
(3 paragraphs
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