16 Feb When you look at the economies of the United States
When you look at the economies of the United States, Europe, or Japan, you see most of the ingredients of a market economy. For example, consider bicycles. Prices in the bicycle market are free to vary; people have property rights to the bicycles they buy; many people sell bicycles; many bicycles sold in the United States, Europe, and Japan come from other countries; the government regulates bicycle use (no bicycles on the freeways, for example); and bicycle production takes place within firms with many workers. Replace bicycles with another good or service of your choosing and comment on whether the statement is still true.
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