Free Market Economy Assignment Solved

The power of the market is enormous but… it is plain that market must be tamed and tempered

HD marks assignment

Free Market Economy Assignment


The free market economy is a system of private ownership of land and capital. Houses and companies which are supposed to behave in their own interest take all economic choices.” (2019:17) (Sloman and Garatt)

The state’s purpose and function in such an economy has been a contested question for centuries. There are numerous viewpoints about the prospects for State control of the market economy in the economic literature of the previous centuries (Stockhammer, 2014). The opinions of many scholars have usually changed in line with changes in world economic situations, including war, economic crisis and economic growth.

Markets can be portrayed when transactions are done in actual locations. These include retail establishments and other comparable companies that sell goods to wholesale marketplaces that sell goods to other retailers. Or maybe they’re virtual. Internet-based retailers and auction sites such as Amazon and eBay are examples of markets where transactions can take place fully online. Markets are areas that are open to buyers and vendors. Generally just two parties are required for commerce, at least a third party for competition and the market equilibrium. As such, a market under perfect competition is necessarily marked by a high number of active buyers and sellers, among other factors.

Theory Free Market Economy INCL Classical views

Classical economies are referred to as classical political economy. Classical economics refers mainly to the school of economic theory which began in Britain at the end of the 18th and beginning of the 19th century. The aim was economic progress and economic freedom, which advocated free competition ideas and faith. The classical economic theory popularized the shift from the monarch to a self-regulatory capitalist democracy.

Understanding the Working of Classical Economics

The wealth of nations, written by Adam Smith in 1776, is generally thought to be the origin of the classical economy (Summers, 2018). The cornerstone of the Smith book’s thesis was the kingdom’s national revenue, rather than the gold of the treasury, as its foundation for calculation. This revenue, however, was based on the activity of its citizens, efficiently organized through labor division and the utilization of capital reserves, which one of the classical economists favored.

In terms of economic policy fostering market freedom the classical economists were pragmatic liberals, but the States had a role in promoting the common good. Ancient economic believers did not unify in their beliefs or grasp of the market, but most classical literature had similar subjects. Most of them flavored free trade and competition between employees and companies. In favor of meritocrats, traditional economists wished to move away from a social class system.

The underpinnings for traditional economics are self-regulating democracies and capitalism market advances. Most domestic economies followed an up-and-down monarchic government policy regime before classical economic growth (Hamada, 2019). A number of the most prominent classical philosophers, such as Smith and Turgot, have established their views as alternatives to mercantilist Europe’s protectionist and inflationary policies.

The Rise of Classical Economics

Shortly after the foundation of western capitalism and the Industrial Revolution, traditional economic theory was formed. The finest early attempts to understand the internal workings of capitalism were made by traditional economists. Value, price, supply, demand and distribution theories have been created by the first classical economists. Almost all refused to impede government market exchanges, preferring or “let’s be” a looser market strategy.

Keynesian approach

The Keynesian economics theory is about total expenditure and its impacts on production and inflation in the economy (known as aggregate demand). Although this term has been used (and exploited abusively) through the years to designate various things, six key concepts seem crucial to Keynesianism. The first three explain the functioning of the economy.

  1. A Keynesian argues that aggregate demand is affected and sometimes unpredictably behaved by a range of economic choices – both governmental and private. Most importantly, the public choices are those on monetary and fiscal policy (i.e. expenditure and tax). Economists discussed the relative powers of monetary and fiscal policy heatedly some decades ago, with some Keynesians believing that monetary policy is impotent and others money-makers saying that fiscal policy is weak (Galí, 2021). Today, both of these are mainly dead problems. Virtually every Keynesian and monetarist today thinks that the overall demand is affected by both fiscal and monetary measures. However, a few economists trust debt neutrality.

The Keynesian cross chart shows a 45-degree line representing the collection of locations where AD = GNP represents the aggregated demand function against GNP. In economic terms, the crossroads of both lines reflect a GNP balance.

  1. In Keynesian theory, aggregate demand fluctuations, whether foreseen or unexpected, affect real production and employment most, not prices. This principle is seen in the Phillip curves, for example, that only slowly increases inflation if unemployment lowers. Keynesians think that in the short term it is not necessarily possible to tell what is true from what must take place in the long term, and we live short term. Often, they repeat the famous declaration of Keynes, “In the long run, we’re all dead.”
  2. Keynesians think that prices and wages in particular slowly adapt to changes in demand and supply, leading to periodic shortages and surpluses, in particular of labor. Milto Friedman even said, ‘There is only a limited degree of flexibility in pricing and wages under all imaginable institutional arrangements and definitely those currently prevailing in the United States (Cohn, and Hira, 2020).’ 1 It is undoubtedly labeled a Keynesian perspective in the contemporary language. These three assumptions alone are based on no policy proposals. And yet, many economists who are not Keynesian would accept the whole list. Keynesians are distinguished by their confidence in other economists.
  3. Keynesians do not consider that the standard unemployment level is the optimal one—partly because of the caprice of aggregate demand for the unemployed and partly because they believe that prices are adjusted gradually. In reality, Keynesians tend to perceive unemployment as both too high on average and too variable, but they recognize that these viewpoints are hard to be theoretically justified. Keynesians are likewise persuaded that recession or depression times are economic diseases, not effective market reactions to unappealing possibilities as in the idea of actual business cycles.


  • Defining cigarette goods, including e-cigarettes, to encompass present and future items;
  • Prohibit the sale to those under the age of 21 of tobacco goods;
  • Require the cigarette vendor or employee to check the buyer’s age before the transaction;;
  • Require tobacco sellers to put signs declaring it is unlawful to sell to those less than the age of 21;
  • Designate an enforcement agency and provide a defined process of enforcement;
  • Create a tobacco retail authorization scheme if state law allows the jurisdiction to do so;
  • Devote financing in full, through license fees or as a provision in state law or local order, to the expense of enforcement.
  • Provide the State, Counties or Municipalities with a prescribed minimum number of yearly compliance checklists for every retail location for tobacco to comply with MLSA 21.
  • Penalties are provided that focus on the tobacco merchant, licensee or non-management staff rather than the minor buyer. That means abolishing PUP penalties where they exist under existing legislation or policy on the sale of tobacco;
  • Establish a mechanism for civil punitive infractions rather than for a mechanism for criminal penalties to prevent unintended outcomes that affect vulnerable populations disproportionately and undermine the public health advantages of the programmed.
  • When implementing state laws, ensuring that local authorities are able to adopt stricter tobacco laws than federal or state laws. (See the context section on local government preservation below).


The tobacco retail licensee permits countries and municipalities to thoroughly control and develop punishment structures for all tobacco shops that continue to breach the MLSA 21 policy to suspend or relocate the tobacco retailers’ license (Molle, and Boeckhout, 2015). Additional measures relating to the licensing should be examined for approval in the final policy for jurisdictions who are legally authorized to implement a retail tobacco licensing programmed, such as:

Every tobacco retailer involved in the disclosure of tobacco products should always acquire and show a tobacco retail sales license from [Sanitary Department/ Issue] at each site in [State/county/municipality].

Structural Unemployment

Unemployment (usually a percentage) is a measure of how many individuals are without jobs in an economy. Different causes such as economic slump or recession may lead to misemployment. The unemployment rate will decrease, eventually to full employment, once the recession has ended. However, changes in an economy’s structure can occasionally be so serious that employees’ capacity to obtain full-time employment alters.

Structural unemployment may endure for many years; it is a kind of long-term unemployment. There might be several factors for structural unemployment, such as employees who have no skills or training to qualify for existing job opportunities. For example, in industries throughout economy big technical improvements can occur. Companies have to recruit technically qualified personnel to promote their companies, including computer programming and mathematics capabilities (Zafirovski,2013). Persons lacking these qualifications might become marginalized and suffer from structural unemployment because of a gap between jobs on the market and their talents.

As trade expands internationally, it adds to the shift from industries where there is no comparative advantage to this economy to areas where there is a competitive advantage. The extent that trade influences the employment markets has a great deal to do with the labour market structure of that nation and the process of adjustment in other industries. The average pay level through improving productivity should be raised through global commerce. This increase in average salaries can nevertheless involve both benefits to employees and losses to others in specific positions and sectors.

Corporation tax cuts

Reduced rates of income tax improve consumers’ purchasing power and can boost total demand, leading to increased economic development (and possibly inflation). On the supply side, reductions in income taxes may also enhance labor incentives, resulting in increased productivity. The impact of tax reduction relies, however, on how tax cuts are financed, if the status of the economy and low taxes truly enhance productivity and the desire to work.

The effect of tax reductions on the diagram of AD/AS when the economy is spare.

Cut in indirect tax

The effect is comparable when the government cuts an indirect tax such as VAT. If commodities are cheaper due to a decreased tax, customers are really able to buy more. They will have more money left after buying the same quantity of things. Consumer expenditure can therefore increase. Productivity will have minimal effect.

Impact of productivity tax reduction

Lower rates of income tax can lead to individuals working longer. If you keep more of your money, overtime is more worthwhile. Lower tax rates on income may attract persons to migrate to that nation (Davidson, 2012). This is the replacement impact – working at reduced rates is more desirable.

But the income impact also occurs. It is simpler to attain your goal income by spending less time with lower rates of tax (and effectively greater salaries). Tax cuts may thus not raise labor supply since people do not have to work more if employment is compensated more.


The bulk of the international economy has worked for approximately the past quarter of a century on a political consensus that politicians (from the left and the right), supranational authorities, business pundits and university economists are advocating. Workers should be “flexible,” tolerating relatively low earnings, unemployment and general conditions. Incertitude. Uncertainty. Governments should have budgetary responsibility and limit their responsibilities crediting. In particular it should be independent to establish monetary policy government and low inflation targets (although this strategy was targeted the objective has been to target money, exchange rates in many ways and inflation in consumer prices).

This agreement is justified by traditional economics. This is the economy which kids are taught, embraced by politicians, government employees, financiers, analysts, industry, most university students and even certain unions; those who embrace these principles and advocate them. The ‘mainstream’ make up. This economics shows that market results they are ideal and the agreement follows directly. Economists while economists are sometimes presented as having numerous different, conflicting beliefs.


Stockhammer, E., 2014. Explaining European unemployment: testing the NAIRU hypothesis and a Keynesian approach. International Review of Applied Economics, 18(1), pp.3-23.

Galí, J., 2021. Unemployment fluctuations and stabilization policies: a new Keynesian perspective. MIT press.

Summers, L.H., 2018. Relative wages, efficiency wages, and Keynesian unemployment.

King, J.E., 2011. Labor and unemployment. In A New Guide to Post-Keynesian Economics (pp. 80-93). Routledge.

Cohn, T.H. and Hira, A., 2020. Global political economy: Theory and practice. Routledge.

Feldmann, M., 2013. Varieties of capitalism and the Estonian economy: Institutions, growth and crisis in a liberal market economy. Communist and Post-Communist Studies, 46(4), pp.493-501.

Lundvall, B.Å. ed., 2019. National systems of innovation: Toward a theory of innovation and interactive learning (Vol. 2). Anthem press.

Sanders, J.M. and Nee, V., 2017. Limits of ethnic solidarity in the enclave economy. American Sociological Review, pp.745-773.

Hamada, H., 2019. In Defense of Cory Morningstar’s Manufacturing for Consent Series. Foundations, p.0.

Davidson, P., 2012. Would Keynes be a new Keynesian?. Eastern Economic Journal, 18(4), pp.449-463.

Zafirovski, M., 2013. The question of mathematical social theory revisited: Some methodological considerations. The American Sociologist, 34(4), pp.59-80.

Molle, W. and Boeckhout, S., 2015. Economic disparity under conditions of integration—a long term view of the European case. Papers in Regional Science, 74(2), pp.105-123.

Universal Assignment (October 2, 2023) Free Market Economy Assignment Solved. Retrieved from
"Free Market Economy Assignment Solved." Universal Assignment - October 2, 2023,
Universal Assignment April 5, 2022 Free Market Economy Assignment Solved., viewed October 2, 2023,<>
Universal Assignment - Free Market Economy Assignment Solved. [Internet]. [Accessed October 2, 2023]. Available from:
"Free Market Economy Assignment Solved." Universal Assignment - Accessed October 2, 2023.
"Free Market Economy Assignment Solved." Universal Assignment [Online]. Available: [Accessed: October 2, 2023]

Please note along with our service, we will provide you with the following deliverables:

Please do not hesitate to put forward any queries regarding the service provision.

We look forward to having you on board with us.


Get 90%* Discount on Assignment Help

Most Frequent Questions & Answers

Universal Assignment Services is the best place to get help in your all kind of assignment help. We have 172+ experts available, who can help you to get HD+ grades. We also provide Free Plag report, Free Revisions,Best Price in the industry guaranteed.

We provide all kinds of assignmednt help, Report writing, Essay Writing, Dissertations, Thesis writing, Research Proposal, Research Report, Home work help, Question Answers help, Case studies, mathematical and Statistical tasks, Website development, Android application, Resume/CV writing, SOP(Statement of Purpose) Writing, Blog/Article, Poster making and so on.

We are available round the clock, 24X7, 365 days. You can appach us to our Whatsapp number +1 (613)778 8542 or email to . We provide Free revision policy, if you need and revisions to be done on the task, we will do the same for you as soon as possible.

We provide services mainly to all major institutes and Universities in Australia, Canada, China, Malaysia, India, South Africa, New Zealand, Singapore, the United Arab Emirates, the United Kingdom, and the United States.

We provide lucrative discounts from 28% to 70% as per the wordcount, Technicality, Deadline and the number of your previous assignments done with us.

After your assignment request our team will check and update you the best suitable service for you alongwith the charges for the task. After confirmation and payment team will start the work and provide the task as per the deadline.

Yes, we will provide Plagirism free task and a free turnitin report along with the task without any extra cost.

No, if the main requirement is same, you don’t have to pay any additional amount. But it there is a additional requirement, then you have to pay the balance amount in order to get the revised solution.

The Fees are as minimum as $10 per page(1 page=250 words) and in case of a big task, we provide huge discounts.

We accept all the major Credit and Debit Cards for the payment. We do accept Paypal also.

Popular Assignments

Foundations of Communication Assessment 2 Instructions

Discussion task (Total grade – 10%)   Process Work (Steps to complete the task) Answer on the Assessment 2 Submission Document – Do not upload this instruction document. Requirements (important elements to include) lastname_firstname_studentID_COMS_Assess 2_semester_year. Process for Assessment discussion tasks NOTE: If you do not participate in the class discussions then

Read More »

Assessment Two Dos and Don’ts (Internal)

Do: Read the assessment instructions carefully Read the marking rubric carefully Understand the question – break it down Conduct research – record the reference details Read the topic materials about communication theories, forms and factors and refer to them Contribute to the discussions in class or no marks for the

Read More »

Unpacking the Question: Assessment Two

Studying at university requires you to become familiar with strategies to un-pack or breakdown a variety of assessment questions/tasks throughout your studies.  Task Example of integrating the discussion, research and theories. In the group discussion my group members (name them) stated that an advertisement for a beauty product would most

Read More »

MGMT0001 Introduction to Commerce Assessment

MGMT0001 Introduction to Commerce Assessment 2 (worth 30%) Due date:                  2:00pm (AWST) Friday 15th September 2023 Submission:              Via Turnitin assessment submission link (see ‘Assessment 2’ folder in ‘Assessments’ section of Blackboard). Additional Instructions: Part A (42 marks) Nathan is a well-known chef with years of experience cooking various cuisines. After

Read More »

ACCT5011: Accounting Systems in the Digital Age

Practical Assignment Guide, Semester 2, 2023 Due Date for Submission: Monday 11th September 2023 at 5.00 PM Please note that the Folio Assignment for ACCT5011 Accounting Systems in the Digital Age is an individual assessment task worth 30% of your total marks in the unit. Please refer to the online

Read More »

EC229- Review session

Assume two cities, A and B, that can’t trade between them. Each city produces its own coconuts for its local market. If suddenly trade is possible then: D) As we saw in class, the new price will be somewhere between the original price 𝑃_𝐴,𝑃_𝐵. Hence it is impossible for consumers

Read More »

Computing Theory COSC

Computing Theory COSC 1107/1105 Assignment 1: Fundamentals Assessment Type Individual assignment. Submit online via Canvas → As- signments → Assignment 1. Marks awarded for meeting re- quirements as closely as possible. Clarifications/updates may be made via announcements/relevant discussion forums. Due Date Week 6, Sunday 27th August 2023, 11:59pm Marks 125

Read More »

BE279 Applied Statistics and Forecasting

Strategy, Operations, & Entrepreneurship Group Essex Business School Module Code BE279 Module Title Applied Statistics and Forecasting Assessment Type Individual Report (2,000 word) Academic Year 2022/23, Spring Term Submission Deadline Refer to FASER Task Specific Guidance Please note that: Module Learning Outcomes On successful completion of the module, students will

Read More »

Learning Design Tool: Little Learners Level 1 sounds

Learning Design Tool: Little Learners Level 1 sounds. Prepared by Sara Hart Date 30th August, 2023 (feel free to leave this date as it is the AT2 due date) Brief description of Learning Design   Chooseit Maker: Create, edit and play personalised learning activities that can be used in your

Read More »


HUMN1041 PEOPLE, PLACE AND SOCIAL DIFFERENCE ASSIGNMENT 1 TEMPLATE This assignment is made up of three (3) parts, plus a reference list and appendix. Marks are allocated for each section, as follows: – 1 mark Please ensure that you provide your answers in this template, and provide a Reference list

Read More »

Model 3 Launch in Australia

Client Information Company Name Tesla Contact Name   Email   Phone Number   Address Level 14, 15 Blue St. North Sydney, NSW 2060 Australia Ad link & image Project Information Project Title Model 3 Launch in Australia Project Description (100 words) Highlight the uniqueness of the car. Show the superior

Read More »

MKT10009 Marketing and the Consumer Experience

School of Business, Law and Entrepreneurship Assessment Task – Assignment 2  MKT10009 Marketing and the Consumer Experience Semester 2, 2023. Assessment Type Analytical Report Associated Unit Learning Outcomes (ULO’s) 2, 3, 4 Group or Individual task Individual Value (%) 25% Due Date Monday 20th September at 10:00 AET – Enterthis

Read More »

ASSIGNMENT – 1st Evaluation

ASSIGNMENT – 1st Evaluation Date of Submission- 4TH SEP 2023 25 MARKS COMPARATIVE PUBLIC LAW Q. You are the new Central Minister for Urban Development who is keen to make major Indian cities as smart cities. You visit different countries like USA, UK, European Countries, Japan and other developed countries

Read More »

Corporate & Financial Due Diligence Report

[Name of the company] Note: Students should keep in mind that application of legal provisions (including Securities Regulations) and analysis of the same is important. Merely putting the facts and figures won’t fetch even a decent mark. Note: Students should only mention the broad area of business. This part should

Read More »

ECON1000 S2 2023 – Marking Guidance and FAQs on GTP

Students will be marked on the extent to which they specifically answer the question and provide clear, logical, well-reasoned and sufficient explanations. Here is a summary breakdown of how marks are allocated in this GTP: Part 1 [15 marks] §  Providing relevant observations from the information provided in the articles

Read More »

ECON1000 S2 2023 – GTP Brief

ECON1000 S2 2023 – GTP Brief A.  Context and Overview The Game Theory Presentation (GTP) is worth 30% of the final mark. GTP is a ‘take-home’ exercise with a set of tasks to do. The GTP is based on Lecture Topics: L1 and L2. You will have twenty (21) days

Read More »

Order #35042 Human Rights Research Essay

Draft due 26th Aug 2,500 words (excluding references and bibliography) Instructions: Structure: Title – The Tigray War: A Critical Analysis of What the Future Holds for Human Rights in the Region What can be done to ensure human rights violations will cease and be prosecuted? Expand on different actors and

Read More »

PMC1000: Applied Pathology

Assessment Task Sheet: Poster Presentation Date: Thursday 31st August 2023 | Weighting: 30% Assessment Task 2 You are required to develop a handout style resource (pamphlet or brochure) on a selected pathological condition which is aimed at first year student paramedics. You will need to use high quality peer reviewed

Read More »

Detailed Information: Reflective Assignment

Indigenous Peoples, Law and Justice Detailed Information: Reflective Assignment Due Date:                   Tuesday 5th September 2023 at 4:00 pm (AWST). Marks:                       30% of the total marks for this unit. Assignment:              The assignment will comprise two questions. Students must answer all parts of both questions. Examinable topics: The cultural immersion exercise and/or

Read More »

Indigenous Peoples, Law and Justice

Indigenous Peoples, Law and Justice Reflective Assignment Questions Instructions: The assignment comprises two questions. Students must answer all parts of both questions. Question 1: The proposed Referendum Question is asking Australians whether the Voice should be established. What is meant by the Voice? In May 2019, Professor Anne Twomey, an

Read More »

Cultural immersion activity

Context of Carrolup To support fellow Australian and truth telling. Third space = a spiritual an mental place, meeting point of many cultures all over the world to communicate and feel safe to merge thought and aspects of everyone’s individual culture to create a sense of what they want the

Read More »

High-Fidelity Mockup Design for a Employer / Company  Review Platform

Demo Task: High-Fidelity Mockup Design for a Employer / Company  Review Platform Project Overview: You are tasked with designing high-fidelity mockups for a  Employer / Company  review platform that serves both employers and employees/users. The platform’s goal is to provide a space where employees can share their experiences and opinions

Read More »


ASSESSMENT COVER SHEET (Please ensure this cover sheet is completed and attached on top of each assessment) QUALIFICATION CODE AND TITLE:  Certificate IV in Commercial Cookery UNIT CODE: BSBSUS401               TITLE: IMPLEMENT AND MONITOR ENVIRONMENTALLY SUSTAINABLE WORK PRACTICES               Student Number   Student Name   Assessor Name   Assessment Name and

Read More »

Data Analysis and Findings

Qualitative data analysis technique called thematic analysis includes reading the data collection and looking for patterns in the meaning of the data to determine the theme. Making sense of the data is an active reflexive process in which the researcher’s personal experience is important. On Instagram, though, any company can

Read More »

PHE5STL: Systems Thinking and Leadership

Assessment 2: Complex problem briefing paper instructions and submission link PHE5STL: Systems Thinking and Leadership Assessment 2: Complex, or messy, problem briefing paper Assignment type Briefing paper/policy advising paper Weighting 20% Word count / length 1,500 words Note: The word count does not included references however does include in-text citations

Read More »

Assessment 1 Week-6: UML Modelling for a shopping mall

Assessment 1(    ) Information and Rubric Subject Code  ICT505 Subject Name  Software Development Assessment Number and Title  Assessment 1 Week-6: UML Modelling for a shopping mall Assessment Type Lab Activity Length / Duration  45 Minutes Weighting %  10% Total Marks  100 Submission Online Submission Due Date Week-6 (Sunday 23:59) Mode

Read More »

The Geopolitical, Economic and Legal Environment  

Faculty of Business and Law Assignment Brief Mode E and R Regulations Module Title: The Geopolitical, Economic and Legal Environment     Assignment Number 2 Module Code: 7010SSL   Assignment Title Macro Analysis Report Module Leader: Dr. Bentil Oduro   Assignment Credits 10           Release Date:

Read More »

Paragraph Template: TEEL Structure

 With this example from the discussion board, you can see Courtney answered the question with all four elements very clearly. This gives a coherent answer using different kinds of information and academic integrity. Bias is a natural behaviour of tendency to be in favour or against something in particular. From

Read More »

Choosing the Perfect Event Theme

Choosing the Perfect Event Theme Theme selection is crucial to creating a memorable and meaningful graduation celebration for the class. This selection should reflect their accomplishments and identities. Graduation marks the end of a long period of hard work, commitment, and personal growth.  Therefore, choosing a theme that effectively captures

Read More »

Can't Find Your Assignment?

Open chat
Free Assistance
Universal Assignment
Hello 👋
How can we help you?