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From Command economy to Market economy
Increase in living standard greater opportunities for economic growth
As government got slightly influence in the intervention of the market, producers are free to raise or lower their prices according to the demand of the consumers - encourages the incentives in both sides, as producers are able to produce in competitive prices and consumers have wider varieties of choices.
Wise and better use in recourses
Responses from the consumers give price signals to sellers: what to produce, how to produce and where to produce. (Reduce surpluses in unwanted goods; sellers know what products…
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