Free market system
A free market system is a system controlled by the producer and consumers. A free market system is almost controlled entirely by the producer who creates the goods and services, and the consumer who purchases the goods and services. These producers also have a different name, private enterprise entrepreneurs, who combine the factors of production (capital, labour, land and enterprise) to create a company, to serve the consumers. The consumers also pay a large part in this, because it's what they buy that decides the prices of the product and if it should be produced. Some advantages of this system include the fact that progress is encouraged and advances in technology are always open for learning. Although there are some down sides to this, such as that there is unemployment so people aren’t earning money thus getting poorer. Unlike the rich who keep their jobs and just keep getting richer, creating inequality in the economy. Hong Kong is one great example of a free market this is a link that elaborates www.cia.gov/library/publications/the-world-factbook/geos/hk.html