Describe how financial security is handled in the free-market system. Give an example to support your answer.

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15-11-2019
Social Studies

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Describe how financial security is handled in the free-market system. Give an example to support your answer.

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drpauloduarte drpauloduarte · Answer 1 · 2019-11-15T23:24:31+01:00

Answer:

In the free-market system, security is handled by hired Private contractors. An example would be a security guard at a bank. Free market security usually consists of competing for private defense agencies with a system of insurance and third party watchdog groups to prevent abuse.In the free-market system, security is handled by hired Private contractors. An example would be a security guard at a bank. Free market security usually consists of competing for private defense agencies with a system of insurance and third party watchdog groups to prevent abuse.

The free market is an economic system based on supply and demand with little or no government control. It is a summary description of all voluntary exchanges that take place in a given economic environment. Free markets are characterized by a spontaneous and decentralized order of arrangements through which individuals make economic decisions. Based on its political and legal rules, a country’s free market economy may range between very large or entirely black market.

While no pure free market economies actually exist, and all markets are in some ways constrained, economists who measure the degree of freedom in markets have found a generally positive relationship between free markets and measures of economic well being.

A key feature of free markets is the absence of coerced transactions or conditions on transactions.

nikitavidya0 nikitavidya0 · Answer 2 · 2021-12-06T15:54:30+01:00

The free market economic system incorporates institutions such as banks and private corporations.

The free market system implies price setting through demand and supply patterns in the market. The private organizations and government work together to protect the financial data of the citizens through incorporating technologies and human resource expertise.

The centralized security system ensures that both private and business sector welfare is maintained as per their demand. For example, banks make use of security software and encryption technologies to give customers protective financial transactions.

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