A free market system also known as laissez faire economy is a system in which the prices for goods and services are determined by businesses and entrepreneurs

A free market system also known as laissez faire economy is a system in which the prices for goods and services are determined by businesses and entrepreneurs . In a free market system, everything is owned and operated by private individuals. Also, in free market system there would be little or no government intervention in the economy. The three characteristics of a free market economy to the canadian economy is Economic freedom,competition,supply and demand . These characteristics provide economic prosperity for Canada.

Economic Freedom enables individuals to act on their own behalf and make
decisions regarding their own self interest. This is important as it helps business people to be free to decide what to produce and at what price . This is also important to the economy as it provides the economy with variety of products or services and goods. We live in a country whereby there’s different kinds of business that produce ether the same product at the best price and better quality

Business owners determine what and how much to produce to meet consumers demand which is known as supply and demand. This is important because it helps private enterprise determine the price of a product . The importance of Supply and demand in the economy is that it helps regulate the economy. For example With high demand and a
low supply of a product, the price of the product increases. When the demand is low and
the supply is high the prices fall. Supply and demand play a large role in helping the economy rise . For example When the economy becomes poor, the goods and services become cheaper as an attempt by producers or business people to help consumers spend money on goods or services they need . Producers and governments attempt this in order to keep the economy balanced. For example, there was a drought back in SA where there was high demand of food and the business and government decided to decrease the prices of goods and services to help the economy prosper.

Competition is important to the Canadian economy because it helps inspire producers to be more creative and come up with innovative ideas in order to make new and improved products for consumers. The importance of competition in a free market system is that consumers have access to high quality of goods at a very low price because each company is competing to sell their product and make money. The benefits of companies competing with each other is that the best quality of products is made and consumers can have a good quality product at a low price. Therefore competition creates a higher quality of products with affordable prices and also it creates variety of products .One of the main reasons why Adam smith believed in laissez faire capitalist system is that, he said it creates competition and competition is good for the economy, because it helps individuals come up with innovative ideas and improved quality of products for example mobile devices such as iphone and samsung are a result of companies that competed with each other to produce the best quality mobile devices for consumers to use .

A free market system also known as laissez faire economy is a system in which the prices for goods and services are determined by businesses and entrepreneurs . In a free market system, everything is owned and operated by private individuals. Also, in free market system there would be little or no government intervention in the economy. The three characteristics of a free market economy to the canadian economy is Economic freedom,competition,supply and demand . These characteristics provide economic prosperity for Canada.

Economic Freedom enables individuals to act on their own behalf and make
decisions regarding their own self interest. This is important as it helps business people to be free to decide what to produce and at what price . This is also important to the economy as it provides the economy with variety of products or services and goods. We live in a country whereby there’s different kinds of business that produce ether the same product at the best price and better quality

Business owners determine what and how much to produce to meet consumers demand which is known as supply and demand. This is important because it helps private enterprise determine the price of a product . The importance of Supply and demand in the economy is that it helps regulate the economy. For example With high demand and a
low supply of a product, the price of the product increases. When the demand is low and
the supply is high the prices fall. Supply and demand play a large role in helping the economy rise . For example When the economy becomes poor, the goods and services become cheaper as an attempt by producers or business people to help consumers spend money on goods or services they need . Producers and governments attempt this in order to keep the economy balanced. For example, there was a drought back in SA where there was high demand of food and the business and government decided to decrease the prices of goods and services to help the economy prosper.

Competition is important to the Canadian economy because it helps inspire producers to be more creative and come up with innovative ideas in order to make new and improved products for consumers. The importance of competition in a free market system is that consumers have access to high quality of goods at a very low price because each company is competing to sell their product and make money. The benefits of companies competing with each other is that the best quality of products is made and consumers can have a good quality product at a low price. Therefore competition creates a higher quality of products with affordable prices and also it creates variety of products .One of the main reasons why Adam smith believed in laissez faire capitalist system is that, he said it creates competition and competition is good for the economy, because it helps individuals come up with innovative ideas and improved quality of products for example mobile devices such as iphone and samsung are a result of companies that competed with each other to produce the best quality mobile devices for consumers to use .

A free market system also known as laissez faire economy is a system in which the prices for goods and services are determined by businesses and entrepreneurs . In a free market system, everything is owned and operated by private individuals. Also, in free market system there would be little or no government intervention in the economy. The three characteristics of a free market economy to the canadian economy is Economic freedom,competition,supply and demand . These characteristics provide economic prosperity for Canada.

Economic Freedom enables individuals to act on their own behalf and make
decisions regarding their own self interest. This is important as it helps business people to be free to decide what to produce and at what price . This is also important to the economy as it provides the economy with variety of products or services and goods. We live in a country whereby there’s different kinds of business that produce ether the same product at the best price and better quality

Business owners determine what and how much to produce to meet consumers demand which is known as supply and demand. This is important because it helps private enterprise determine the price of a product . The importance of Supply and demand in the economy is that it helps regulate the economy. For example With high demand and a
low supply of a product, the price of the product increases. When the demand is low and
the supply is high the prices fall. Supply and demand play a large role in helping the economy rise . For example When the economy becomes poor, the goods and services become cheaper as an attempt by producers or business people to help consumers spend money on goods or services they need . Producers and governments attempt this in order to keep the economy balanced. For example, there was a drought back in SA where there was high demand of food and the business and government decided to decrease the prices of goods and services to help the economy prosper.

Competition is important to the Canadian economy because it helps inspire producers to be more creative and come up with innovative ideas in order to make new and improved products for consumers. The importance of competition in a free market system is that consumers have access to high quality of goods at a very low price because each company is competing to sell their product and make money. The benefits of companies competing with each other is that the best quality of products is made and consumers can have a good quality product at a low price. Therefore competition creates a higher quality of products with affordable prices and also it creates variety of products .One of the main reasons why Adam smith believed in laissez faire capitalist system is that, he said it creates competition and competition is good for the economy, because it helps individuals come up with innovative ideas and improved quality of products for example mobile devices such as iphone and samsung are a result of companies that competed with each other to produce the best quality mobile devices for consumers to use .