Get premium membership and access questions with answers, video lessons as well as revision papers.
1. The rule of consumer sovereignty apply in this type of market system.
2. It encourage foreign investment which improves the balance of payment.
3. Consumers have variety of goods and services to choose from and due to competition there is continued improvement of these goods.
4. In free market people are encouraged to work hard and this contributes to technology innovation which leads to economic growth.
5. It leads to improvement and efficiency of firms and this is because those firms which produce goods at low cost which consumer don't want they are forced to exit the market.
Jonmhumble answered the question on October 22, 2017 at 17:59
- Outline the characteristics of centrally planned economic system(Solved)
Outline the characteristics of centrally planned economic system.
Date posted: October 22, 2017. Answers (1)
- Outline the challenges of young population.(Solved)
Outline the challenges of young population.
Date posted: October 21, 2017. Answers (1)
- Outline the problems associated with output approach as a way of measuring national income(Solved)
Outline the problems associated with output approach as a way of measuring national income
Date posted: October 21, 2017. Answers (1)
- What are the sources of monopoly power?(Solved)
What are the sources of monopoly power?
Date posted: October 21, 2017. Answers (1)
- State and explain the factors that causes changes in interest rates in an economy?(Solved)
State and explain the factors that causes changes in interest rates in an economy?
Date posted: October 20, 2017. Answers (1)
- State and explain the process of human resource planning(Solved)
State and explain the process of human resource planning
Date posted: October 20, 2017. Answers (1)
- Outline the characteristics of human resource management(Solved)
Outline the characteristics of human resource management
Date posted: October 20, 2017. Answers (1)
- Outline aims of human resource management(Solved)
Outline aims of human resource management
Date posted: October 20, 2017. Answers (1)
- What challenges is the government of Kenya facing currently pertaining unprecedented economy?(Solved)
What challenges is the government of Kenya facing currently pertaining unprecedented economy?
Date posted: October 19, 2017. Answers (1)
- What are the advantages of increasing population?(Solved)
Required to provide 5 advantages well explained
Date posted: October 18, 2017. Answers (1)
- What are the policies to improve agricultural sector?(Solved)
What are the policies to improve agricultural sector?
Date posted: October 18, 2017. Answers (1)
- State and explain the non- tariffs forms of protectionism(Solved)
Give 5 well explained poins
Date posted: October 18, 2017. Answers (1)
- What are the problems likely to be encountered by a country with ageing population?(Solved)
What are the problems likely to be encountered by a country with ageing population?
Date posted: October 18, 2017. Answers (1)
- Outline the advantages of private foreign investment(Solved)
Outline the advantages of private foreign investment
Date posted: October 18, 2017. Answers (1)
- List and explain factors that affect consumer sovereignty(Solved)
List and explain factors that affect consumer sovereignty
Date posted: October 18, 2017. Answers (1)
- List and explain the challenges faced in formulation of literature review(Solved)
Give 5 answers and explain briefly
Date posted: October 17, 2017. Answers (1)
- How has the current state in politics affected the economy of Kenya?(Solved)
How has the current state in politics affected the economy of Kenya?
Date posted: October 17, 2017. Answers (1)
- Outline five characteristics of operations research(Solved)
This question is of a subject of operations research studied by students of bachelor of science in economics
Date posted: October 13, 2017. Answers (1)
- List four types of scientific writing(Solved)
List four types of scientific writing
Date posted: October 12, 2017. Answers (1)
- Highlight advantages and disadvantages of monopolistic competition(Solved)
Highlight advantages and disadvantages of monopolistic competition
Date posted: October 11, 2017. Answers (1)