1. Economic efficiency
If the market system is operating efficiently then the levels of fruit and vegetable production should adjust automatically. ... The market price of this good is £10, so, in other words, people value this product at £10. ... However, in the real world, they can only be set as targets. The market will never produce things in exactly the right quantities to meet peoples requirements, as is shown by food mountains and bargain bins. ...
- Word Count: 555
- Approx Pages: 2
- Grade Level: High School