markets and the public good.
Markets are places or networks where buyers and sellers exchange goods or services for money. Capitalism is the economic system whereby the mass production of goods to be sold in markets is financed by private capital for individual or corporate profit. According to the ‘law’ of supply and demand, market price rises with the scarcity of items for sale and falls with their abundance; current price thus provides sellers with information enabling them to distribute their resources for maximum profit. This allows for an efficient allocation of resources based entirely on decisions of purchasers and without government or other intervention. A market economy also encourages innovation and individual initiative as incentives for profit. Mass production makes technologically advanced, inexpensive goods widely available, gradually improving the general welfare.... ...
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