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Market Economic System

Rather than the government owning the means of production and distribution, individuals and businesses are in control of the economy—deciding what to produce, how they will produce the products, and how the products will be allocated. Individuals choose where they want to work, and businesses compete for sales and profits. There are some disadvantages to a market economy, though. Individuals and businesses run the risk of financial loss. Businesses sometimes attempt to capture an entire market for a product so that they can control the product’s price and output. Finally, individuals’ wages vary dramatically, resulting in a significant gap between the wealthy and the poor. Examples of market economies are the U.S. and Japan.

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