Describe three major virtues of a market system.

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pohnpei397 | College Teacher | (Level 3) Distinguished Educator

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Most people believe that a market economy is the best economic system.  There are a number of reasons for this.  Let us look at three of them.

It offers the most freedom.  It is important for people to be able to do whatever they want to do.  A market system allows for this more than any other system.  In a market system, the government does not really tell you what to do with your money or your property. 

It offers the widest variety of goods and services for consumers to buy.  In a market economy, companies will compete to offer consumers things to buy.  The companies want to do this in order to make a profit.  Therefore, they try to invent new things that customers will buy.  This creates a huge variety of goods and services from which we can choose.

It offers the best quality of goods and services.  The competition between companies mentioned in the previous paragraph does this as well.  In a market system, companies continually try to offer the best quality (or the best combination of quality and price) that they can.  They do this in order to get more customers.  This allows us as consumers to get the best quality of goods at the lowest prices. 

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