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!!