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Market economy and other systems
For markets to work, the laws of a country and the values of its people must support the
system. A market system, sometimes called free enterprise, is supported by four "pillars":
private property, the price system, competition, and entrepreneurship.
Private property is the capital and other resources owned by individuals or businesses
rather than governments. The protected right to own property and the right to decide how
private property is used has always been an important part of a market economy system.
The right to private property makes choices and the responsibility yours. The right to own
and control private property gives owners a large incentive to use their resources as
efficiently as possible.
Closely related to private property rights is the price system. As people make exchanges
with one another, they establish prices for goods and services, and resources. Prices act as
messengers that carry information in product and resources markets: they tell businesses
about the values customers put on particular products, and they also provide information
about the values businesses put on their different resources and the costs of producing
particular products. They also provide strong incentives to businesses and consumers.
The third pillar of free enterprise is market competition. Because resources and products are
scarce people in all societies compete for the ones available. In a market economy people
compete through voluntary exchange. Businesses compete against one another in markets for
productive resources when they offer money for resources they want, such as skilled workers, oil
deposits, and complex machinery. Sellers of resources compete against one another by trying to
make their resources more productive. When you spend your earnings, you are competing with
other buyers in the product markets. But not only buyers compete in the product markets. Sellers
compete against other sellers by trying to offer the goods and services at prices that buyers are
willing to pay. Those who succeed earn a profit which is the money remaining after deducting
total costs from total revenues.
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