The basic objective of the U.S. market-directed economic system is to: satisfy consumer needs as the consumers themselves see them.
What is a market-directed economic system?
- An economy where supply and demand mostly determine prices and the government has little direct control over the means of production or commerce.
- Entrepreneurs in a market economy are free to seek profit by creating outputs that are more valuable than the inputs they use, or, if they choose not to, to pursue failure and shut their doors.
- In a market economy, supply and demand laws govern operations. Its distinguishing traits include private ownership, freedom of choice, self-interest, platforms for buying and selling, competition, and limited government interference.
- The main objective of the market-driven economic system in the US is to satisfy customer demands as perceived by the customers.
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