ECONOMICS
TECHNOLOGY
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Consumers can purchase all the goods they need, which causes firms to produce more.
|
|
|
Competition encourages innovation, which causes growth.
|
|
|
Everyone is acting in their own self-interest, which motivates market growth.
|
|
|
Firms keep producing more incentives to encourage households to purchase more goods.
|
Detailed explanation-1: -Answer and Explanation: Free market economies are able to attain economic growth because they are motivated primarily by profit, meaning the amount of money left over after expenses are subtracted from sales.
Detailed explanation-2: -A country’s market economy supports increased innovation. Firms and individuals are encouraged to innovate to gain a competitive edge. With money as a main motivating factor, companies look to create new products and technologies to generate more revenue and higher incomes.
Detailed explanation-3: -It creates jobs and provides people with a choice of employers and work places. Competition also reduces the need for governmental interference through regulation of business. A free market that is competitive benefits consumers-and, society and preserves personal freedoms.
Detailed explanation-4: -Technological innovation brings benefits. It increases productivity and brings citizens new and better goods and services that improve their overall standard of living.