Economic Freedom In Economics

Unit 6 discussions

By:Armish Khan

I believe that the definition of economic freedom is the ability to as a consumer have the right to make decisions and choices which will help one progress and reflect on their values. Hence, by having the economic freedom, it gives me as a consumer a sense of power because I am able to make my own decisions regarding what products in the market will benefit me. For example, economic freedom gives me the right to in a market purchase what I desire in order, to satisfy my wants and needs. I am able to have the options of purchasing from a variety of products without the government intervening and pursuing me to purchase a specific

In addition, economic freedom ensures to an extent where the market is influenced by the consumer demands and choices which make up the supply and demand trends that we view in a capitalist economy. Thus, a capitalist economy is where individuals purchase certain products that indicate the preference and demand for the public. Therefore, economic freedom in a free market, entrepreneurs and for a business would mean that there are no barriers in trade such as, the import and export, and also that customers would not be obliged to pay taxes on their purchases however, for some conditions that may be applied. As a result, just because economic freedom gives an individual the right to do whatever they desire, in a free market economy, economic freedom overall does not guarantee or result an individual to have an effective quality of life. For example, there can be certain situations where there can be economic disparity which is the difference or gap between the rich and the poor and this division can have a negative impact on those individuals who are less wealthier, because they can become even more poor whereas the richer class can become even more wealthy. Thus, in order, to avoid this disparity,

Moreover, Canada regulates as a mixed economy, where it gives its citizens the freedom to exercise their economic freedom without having the government intervene and interfere in there transactions.

Conclusively, in the reading called “life is a Smorgasbord”, Leif Utne he appreciates Sweden 's way of life and attitude on an individuals choices and freedom,the right to express one’s individuality, which is not tied to their wallet. Leif Utne admires the communitarian ethics which is the basis of Sweden’s political system. For example, some policies that are strongly held in place are free university