Market economies prioritize individual enterprise from "summary" of Comparative Economic Systems by Richard L. Carson
In market economies, individual enterprise takes precedence over centralized planning or collective decision-making. This means that businesses and individuals have the freedom to make their own economic decisions based on their own interests and goals. The market system is characterized by competition, where businesses strive to outperform each other to attract customers and generate profits. This competitive environment encourages innovation and efficiency, as businesses are incentivized to constantly improve their products and services to stay ahead of the competition. Individuals have the freedom to choose their own career paths and pursue opportunities that align with their skills and interests. This entrepreneurial s...
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