IGNOU MRDE 4 2017 2018 - What is the meaning of market economy? Discuss the merits and limitati

Question

What is the meaning of market economy? Discuss the merits and limitations of Market Economy.

11 Jan 2018

Answer :

Word Count : 298

A market economy is an economic system where the production and distribution of goods and services are determined primarily by the interactions of supply and demand within a competitive market. In such an economy, resources like capital, labor, and natural resources are allocated based on consumer preferences and business decisions rather than government intervention.

Merits of a Market Economy:

1. Efficiency: Market economies often allocate resources efficiently due to competition. Producers strive to offer better

__________ ___ _______ __________ ____ _______ _________ ______.
_____ ______ ________ _____ ______ ______ _______ ___ __________ ________ _____.
____ ______ ____ _____ ________ ________ _____ _________ ____.
__________ _____ __________ ______ ______.
______ _____ ______ ______ _____ __________.
_________ ________ ______ _______ __________ ______ _____.
_________ ___ ________ _________ ____ ______ _____ ______ ____.
____ ___ __________ ______ ______ ______ ____ ______ ____ ___ __________ __________.
_______ _____ _______ ______ _______ ___.
______ _______ _________ ____ _____ _____ ________ ___.
_______ _________ ___ ______ _________ __________ _____ _________ _________.
_______ ______ _________ ________ ________ ______.
________ ___ ____ ________ _____.
_______ ________ _____ ______ __________ _________ ____ ______ __________ __________.
________ ____ _________ _______ ________ _________ ______ __________ _________ ______ __________ ___.
_________ ________ ___ ________ ___.
____ ______ ____ __________ ______ ______ ____ _____ ___ ____ _____.
_______ ____ _________ _______ ___ ________ _________ _________ ________.
____ ___ ________ _________ _________.
_____ __________ _____ _______ ____ ________.
_______ _______ ______ ______ __________ __________ ____ _________ _________ ___.
______ _______ __________ ______ _________ ______ _______ _________ ___ ___.
________ _____ __________ ________ ________ _________ _______ ______ ___.
_________ ____ ___ _____ _______ ___ __________ __________ _______ ___ ______ ________.
__________ _________ _______ __________ _________ _______ _________ _______ ____ ____ _____ _________.
________ _______ _________ ____ _______ ________ ___ ___ ___ ________.
___.

IGNOU ACADEMY

Your IGNOU journey, made easier.

Solved Assignments
Study Notes
Guess Papers
Question Papers

Call Us WhatsApp

STUDY • PREPARE • SUCCEED

Skip in 10

IGNOU Solved Assignments Assignments Ignou Projects Project Previous Year Solved Exam Papers Notes Notes Sample Question Papers Sample Question Papers