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Cambridge IGCSE Economics (0455)
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Econ_level 2_economic Principles_market Economic System
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Question
What is a market economic system?
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Answer
An economic system in which most resource-allocation decisions are made through private ownership, prices and market forces.
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1
What is a market economic system?
2
How does the price mechanism ration scarce goods?
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How can competition benefit consumers?
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What is a possible weakness of a market system?
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Why might a market system create environmental problems?