https://padlet.com/laura_mastio4/50ajn38ho3ri Made with a bold sensibility en-us 2017-10-18 13:36:14 UTC 2017-11-15 21:25:15 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Clouds.png laura_mastio4 https://padlet.com/laura_mastio4/50ajn38ho3ri/wish/198238010 Free market is a system in which the prices of goods and services are determined by the open market and consumers, in which the laws and forces of supply and demand are free of any intervention by a government, a price-setting monopoly or other authority .
It is a result of a need to be met, then the need is met. The free market contrasts with a regulated market, in which government intervenes in supply and demand through non-market methods such as laws creating barriers to market entry or price fixing.
In a free market economy, prices for goods and services are freely set by the forces of supply and demand and are allowed to reach their point of equilibrium without intervention by government policy, and typically involves support for highly competitive markets and private ownership of productive enterprises.
Although free markets are commonly associated with capitalism within a market economy in modern usage and popular culture, free market has also been advocated by free-market anarchists, market socialists, and some proponents of cooperatives and advocates of profit sharing.]]> 2017-10-18 14:03:07 UTC https://padlet.com/laura_mastio4/50ajn38ho3ri/wish/198238010 laura_mastio4 https://padlet.com/laura_mastio4/50ajn38ho3ri/wish/198240241 - Equal opportunity for every individual to improve his/her standard of living.
- Incentive to innovation and efficiency (better use of resources) to be competitors.
- It encourages enterpreurship because people can easily set up their own business.]]> 2017-10-18 14:06:23 UTC https://padlet.com/laura_mastio4/50ajn38ho3ri/wish/198240241 laura_mastio4 https://padlet.com/laura_mastio4/50ajn38ho3ri/wish/198244656 - Rigid class systems and the gap between the rich and poor increases as there is limited government control.
- Money tends to remain concentrated in a few hands.
- Large private companies can easily monopolise the market.]]> 2017-10-18 14:12:39 UTC https://padlet.com/laura_mastio4/50ajn38ho3ri/wish/198244656 laura_mastio4 https://padlet.com/laura_mastio4/50ajn38ho3ri/wish/198395015 The most important exponent of free market economy is Adam Smith. He was born in Scotland in 1723 and he attented Glasgow University when he was 14 old, after graduating, continued his studies at Oxford Univerity. In 1759 Smith published his first work, The Theory of Moral Sentiments in which he describe the principles of human nature. Starting in 1764, as the tutor of a young duke, he spent two years in France and Switzerland. In Paris he had the opportunity to frequent the literary salons of the French Enlightenment, meeting contemporaines such as Voltaire, Jean-Jacques Rousseau and Francois Quesnay. When he returned to London, Smith continued to widen his intellectual circle with people like Edmund Burke and Samuel Johnson. In 1767, he returnedto his home town in Scotland to work on An Inquiry into the Nature and Causes of the Wealth of Nations, usually shortened to The Wealth of Nations, which he had started while France, and it was finally published in 1776. He was apppointed Rector of Glasgow University and Commissioner of Customs for Scotland. He died on 1790

]]> 2017-10-18 18:07:48 UTC https://padlet.com/laura_mastio4/50ajn38ho3ri/wish/198395015 laura_mastio4 https://padlet.com/laura_mastio4/50ajn38ho3ri/wish/198410139 Published in five books, The Wealth of Nations is commonly thought to be the first complete, methodical examination of the economic forces in Europe, dealing with the industries at the time Smith was writing. He defined methods of producing national wealth and the circumstances for rapid economic expansion. Smith is perhaps most commonly associated with the notion of the invisible hand and concept of laissez-faire that is freedom from the intervention and restrictions of government in the economic process. Smith argues that manufacturers will, as a form of self-interest in order to make a profit, naturally produce goods for which there is the most demand and therefore market forces will ensure the production of the right goods and services. He pointed out that in order for this system to work, there should be no intervention or control by the government to disrupt the natural order of things and secondly, there most be competition, and not a monopoly, in order to lower prices for the benefit of the consumer.]]> 2017-10-18 18:34:44 UTC https://padlet.com/laura_mastio4/50ajn38ho3ri/wish/198410139 laura_mastio4 https://padlet.com/laura_mastio4/50ajn38ho3ri/wish/207180257 The free market system is present in the USA]]> 2017-11-15 13:51:57 UTC https://padlet.com/laura_mastio4/50ajn38ho3ri/wish/207180257