MARKET ECONOMY~~the bad!!!

The downside of a market economy is that costs 

associated with production are not always paid by 

the supplier. 

If pollution is a byproduct of manufacturing, for example, it may not be factored into the price that a consumer pays for the product. These external elements are passed on to others who are not party to the production or sale of commodities. 
Market outcomes may not be equitable.
 A rock star earns substantially more than a teacher because fans are willing to pay lots of money for concert tickets and recordings. 

Nevertheless, this outcome reflects the value that a market economy places on different services. A market economy will produce what people want, not necessarily what they need. In theory a market economy adapts to changing conditions; in practice, however, entrenched industries may resist change.

HERE ARE SOME OTHER DISADVANTAGES:

The exploitation of workers is a large disadvantage because the working conditions and long hours for less pay and few benefits, if any. 

(The large corporations have moved their production to countries where they can get cheap labor with few safety regulations for the workers.)

There is a massive economical gap between the rich and the poor, where the rich gets richer and the poor becomes poorer.

Goods will be mass produced and therefore the cost will be driven lower. (As a product becomes popular and overproduced, the manufacturers must unload the goods, even if that means lowering prices to where the general public can afford them.)

Due to overproduction, industrial machinery will lay idle and therefore not producing a profit for the manufacturer. (Until the prices drop, the goods will remain unsold and people who cannot afford them have their needs unmet.)

Unemployment rates go up due to the overproduction of goods. 

(Workers are not needed to keep producing goods and therefore companies cannot afford to keep works employed.)

MARKET ECONOMY~~the good :)

Market economies are based on the concept that people are free to make their own choices about what services or products to purchase. 

This economy which is the complete opposite to a PLANNED ECONOMY, basically revolves around the owning and controlling of resources by individuals.(ANYONE CAN OWN A BUSINESS!!!). Some examples are: SINGAPORE, THE UNITED STATES OF AMERICA, HONG KONG AND AUSTRALIA.

Here are some advantages of a Market Economy:

Competition leads to efficiency because businesses that have fewer costs are more competitive and make more money.

Innovation and "out of the box" thinking is encouraged because it provides a competitive edge and increases the chance for wealth.

A large variety of goods and services are available as businesses try to differentiate themselves in the market.

Economic activity is encouraged because you need money to live and need to engage in economic activity (through employment or self-employment) to make money.

Freedom of individual choice is possible to the extent 

that the market provides options for work, developing a 

business, and purchasing goods and services (so long 

as you can afford them).

When it comes to making a living or being employed or self-employed,
YOU ARE THE KING OR QUEEN, you can do ANYTHING!!

MARKET ECONOMY~~children can have jobs?.!

EVERYOONEEE~ craves a type of freedom,mainly the freedom to have ANY occupation at basically any given age!!!!!(noone to judge them nor persecute them for creating a business without permission, ESPECIALLY THE GOVERNMENT.) 

• Child actors, child models and singers have become incredibly prominent over the years. Rather than a child studying hard in a school on a regular day, in a school uniform, in some countries one does not have to..? This is mainly because the market economy focuses on supply and demand!