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Our economy thrives on competition. Market forces will lead firms to produce the mix of goods most desired. Unforeseen events can be responded to in a rational manner. The constant struggle for profits will stimulate firms to cut costs. Note that technical efficiency results from attention to self-interest, not the public interest. However, in a market economy business must cater to the whims of consumer tastes or else go out of business.
Explain the importance of the following concepts:
1. Competition2. Adequate information by all parties in the economy3. The role of prices in a market economy
This does not required to be loaded with information just basic overview with some graphs, and some notes on the history of Japan's economy and their update.
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