I know there are a few things like competition, knowledge and mobility but I was wondering if there were any other conditions that were needed. Any help would be great
2006-11-20 01:35:03 · 5 answers · asked by Mark McLaughlin 1 in Social Science ➔ Economics
Government staying out of it.
2006-11-20 01:47:16 · answer #1 · answered by Anonymous · 1⤊ 0⤋
limited government interference... the market needs the right to decide the worth of a product and an employee. also for a market economy to function there will never be redistributed wealth, meaning some people will be rich and some will be poor.
2006-11-20 05:34:44 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I'll just repeat what the other guys said:
Private Property Rights (the most important condition)
Government getting out of the way
.
2006-11-20 01:58:54 · answer #3 · answered by Zak 5 · 1⤊ 0⤋
Law and ownership. Without this, then a free market will never advance. Most places in the world this is vague and is why things never improve.
2006-11-20 01:39:13 · answer #4 · answered by Bob M 1 · 1⤊ 0⤋
what everyone else said...also consumers to like the product enough for it to stay on the market. If its not a profitable business it wont last.
2006-11-20 09:19:38 · answer #5 · answered by ally 2 · 0⤊ 0⤋