The economic system portrayed in the cartoon is one of a market economy (an unplanned economy which the land, property and businesses are owned by private people not the government). I believe that having a market economy isn’t the best way for the delivery of social services. A market economy produces what the consumers want and not what they need. The cartoon indicates how the competition benefit one person as it is one piece of meat, which is exactly how a market economy works it, is to benefit the business and not the people.
A free market is driven by individual innovation and the notion that hard work and ingenuity will be rewarded by success.…show more content… When a new product is invented it is usually set at a high price, once it is in the market for a period of time and other companies begin to copy it, the price goes down as new, similar products emerge. In a competitive market the poor version or the overpriced will be pushed out of the market because consumers will reject them. This creates a lot of wastage which is released in the form of toxic materials into the environment, which affects any people’s health but has a huge benefit to the company. In this process more resources also want to be used which has a huge impact on the environment i.e. more trees are cut down in order to create another table, which is already in the market. This shows how the product life cycle works (figure 1), how a new product progresses through a sequence of stages then its declined based on…show more content… When a new product is invented it is usually set at a high price, once it is in the market for a period of time and other companies begin to copy it, the price goes down as new, similar products emerge. In a competitive market the poor version or the overpriced will be pushed out of the market because consumers will reject them. This creates a lot of wastage which is released in the form of toxic materials into the environment, which affects any people’s health but has a huge benefit to the company. In this process more resources also want to be used which has a huge impact on the environment i.e. more trees are cut down in order to create another table, which is already in the market. This shows how the product life cycle works (figure 1), how a new product progresses through a sequence of stages then its declined based on
