Free Market Essay

Good Essays
Business Ethics

Assignment 3
March 21, 2012

Free Market System in Belize

According to the Investopedia, ‘a free market system is a market economy based on supply and demand with little or no government control. It is a completely free market in which buyers and sellers are allowed to transact freely based on a mutual agreement on price without Government intervention in the form of taxes, subsidies or regulation’. Therefore, the free market system is good for Belize. Belize positively benefits from this system because it ensures competitive markets, the consumers are part of the decision making process, and the supply and demand create competition. The free market system is good for Belize because it ensures competitive markets. There is a need for competitive markets so that we have the survival of the fittest. We need to have the best businesses so that we have more chances of developing as an economy. The fittest businesses bring better opportunities for the society since they will have better quality and service. Also by having competition, it brings about many benefits to the consumer. This may be seen for example in the case of Digicel and Smart, whereby there competitiveness is so high that they give so many advantages to their customers through their regular promotions. In addition, by having the best businesses we have better chances to survive as an international business. Consumers' voices are heard in that their decisions determine what products or services are in demand. This is another advantage of Belize having a free market system. In all reality, the consumers are the ones to decide which business stays and which go. The consumers know what they want and need, it is from this that they decide what to buy and consume. For example, most people from Orange Walk would prefer tacos over burritos. This is clearly seen by the increasing numbers of tacos vendors and a



References: C, Seabury. 2009. Free Markets: What’s the cost? http://www.investopedia.com/articles/economics/08/free-market-regulation.asp#axzz1pVj7gxLl Investopedia, Free market definition, http://www.investopedia.com/terms/f/freemarket.asp#axzz1pVj7gxLl

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