What Are the Advantages of the Free Market Model in Today’s Economy? in Your Written Response, You Are to Make Reference to Your Participation in the Game of Monopoly, Reasons for Your Success or Reasons Why You Were

Topics: Capitalism, Economics, Economic system Pages: 3 (749 words) Published: April 23, 2013
What are the advantages of the free market model in today’s economy? In your written response, you are to make reference to your participation in the game of Monopoly, reasons for your success or reasons why you were not successful in winning this game. You must use the following vocabulary within the written response: private enterprise, competition, self-reliance, private ownership, means of production, scarcity, personal wealth, work ethic, risk-taking, efficiency, supply and demand, profit motive, surplus, and inequality.


The free market model is an economic model that is utilized in various nations around the world. It establishes a social contract that makes it possible for individuals to exercise their franchise and free agency. It also gives people the ability to be secure in themselves and their possessions and, having provided security, it enables people to assume risk that they were previously unwilling to assume. In this written response, I will make reference to my participation in the game of Monopoly, and discuss about the advantages and disadvantages of the free market model in contemporary economy.

An undeniably popular board game centered on money and land acquisition, Monopoly is also a strong ideological interpolator for the capitalist economic system, particularly the private enterprises in the property industry. The objective in our game of Monopoly was to achieve economic superiority over other players primarily through private ownership. Players of the game were encouraged to be self-reliant and ‘develop’ land owned by themselves through the construction of houses and hotels, thus raising the value of their property and their potential income based on the fundamental laws of supply and demand. In this game of risk-taking rivalry amongst players to engage in the same business enterprise, each...
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