ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Benefits of a market economy include increased efficiency, production, and innovation. Disadvantages include monopolies, no government intervention, poor working conditions, and unemployment.

Detailed explanation-2: -A free market is characterized by privately owned resources, financial institutions, the freedom to participate, self-interest, and competition. Advantages of this market system include efficient resource allocation, competition, innovation, and product variety.

Detailed explanation-3: -A market economy promotes free competition among market participants. Notable benefits of a market economy are increased efficiency, production, and innovation.

Detailed explanation-4: -One disadvantage of a free market economy is that some producers are driven exclusively by their profit motives. Even though the primary goal of any business is to generate profit, such an objective should not be prioritized over the needs of workers and consumers.