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Open Market Economy

What does Market Economy mean ?

A market economy is a type of economic system where supply and demand regulate the economy, rather than government intervention. A true free market economy is an economy in which all resources are owned by individuals. The decisions about the allocation of those resources are made by individuals without government intervention. There are no completely "free-enterprise" or market economies. The United States has more characteristics of a market economy than a command economy, where a government controls the market. In a market economy, the producer gets to decide what to produce, how much to produce, what to charge customers for those goods, and what to pay employees. These decisions in a free-market economy are influenced by the pressures of competition, supply, and demand. 

In financial markets, free market stocks are securities that are widely traded and whose prices are not affected by availability.

In foreign-exchange markets, it is a market where exchange rates are not pegged (by government) and thus rise and fall freely though supply and demand for currency.

Market economy runs by three key factors.

In a Free Market Economy, the buyers, producers, and sellers control all prices, with very littlegovernment interference. This is a very important characteristic of the market economy because the government mostly controls the prices in the United States, with very small change by the people. This shows that if you are in a market economy you are less likely to be scammed out of your money. You will literally pay for what you're getting and not for more. That is the first characteristic of the market economy.

The Free Market Economy is an economy ruled by the people, not the government. This is also an important characteristic of the market economy because again, in the United States the government controls the majority of economic activity with slight change made by the people. The people get to choose almost every aspect of the economy, the prices, and how much or little the producers will produce. That is my second characteristic of the market economy.


World Economy at Start of the 21st Century
Perspectives and Structure of World Economy
Genesis of Current Global Economic System
Globalization and Development 
Globalization and cycles in modern world-system
Strategy, structure and Govt. in Global Economy
Framework for Assessing Global Imbalances
Impact of globalisation on developing countries.  
Globalization Structure of the World Economy
World Economic Situation and Prospects in 2008
USA and International Financial Institutions

The Free Market Economy grants freedom to the producers who now only have to make what is needed and wanted, not what the government says is needed or wanted. In most cases the government decides what to produce based on what people buy and how much they buy, not by what the people ask for. When people get at least some of the stuff that they ask for they end up buying more than if they get rejected. If they have good ideas then they should be used. That is my third and final characteristic of the market economy.

Without the above three factors the market economy would be a command economy, which is run completely by government. In my opinion the market economy is the best kind of economy because it is completely run by the people not by the government.  


Features of Market Economic System.

A market economy, also known as a free enterprise system or capitalism, is an economic system wherein goods and services are exchanged freely on an open market. A market system characterizes the economy of the United States and most parts of the world as of 2010. As a small business owner, an understanding of some of the main features of a market economy can help you in the operation of your enterprise.

Supply and Demand

The concept of supply and demand plays a role in determining your pricing structure. Generally, the larger the available supply of goods or services in relation to their demand, the lower the price you can charge. Conversely, if demand is high but the supply is low, the price charged goes higher. This is an important consideration for small business owners in which supply or demand fluctuates widely, such as the operator of a gas station.

Perfect Competition.
A market economy encourages competition. Regardless of the type of small business you operate, you likely face competition in some form. The more competition you encounter, the more you have to monitor your pricing in relation to your competitors. You also need to develop some form of marketing campaign to differentiate yourself from your competition and to carve out your own niche in the marketplace.

Ensure Profit

Business owners in a market economy are usually motivated by how much money they make. One measuring stick of the success of a business enterprise is the "bottom line," or how much revenue it generates in relation to its expenses. Thus, an overall goal of businesses in a market economy is to attract customers who will buy their products at a price that earns them the highest profits. In turn, consumers seek products that offer the highest quality for the lowest price.


Less Government Intervention

In a market economy, the government does not dictate economic policy as it does in a planned or social economic structure. In theory, the government's role is to help maintain market stability, such as when the Federal Reserve Board raises or lowers interest rates. This means that components such as prices are set by market conditions with minimal government intervention.

Characteristics of the Market Economy.

One of the most important characteristics of a market economy, also called a free enterprise economy, is the role of a limited government. Most economic decisions are made by buyers and sellers, not the government. A competitive market economy promotes the efficient use of its resources. It is a self-regulating and self-adjusting economy. No significant economic role for government is necessary. However, a number of limitations and undesirable outcomes associated with the market system result in an active, but limited economic role for government.

In a market economy, almost everything is owned by individuals and private businesses- not by the government. Natural and capital resources like equipment and buildings are not government-owned. The goods and services produced in the economy are privately owned. This private ownership, combined with the freedom to negotiate legally binding contracts, permits people to obtain and use resources as they choose........Click for details.

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