The Success Of A Free Market

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Everyone wants to be rich when they get older, but wanting to be wealthy and actually doing something about it are two different things. People always wish they can win the lotto and create the next best invention, but no one really does anything about it. Only a few go above and beyond to reach their goals and many fail along the way, but there are many who succeed. It’s about the ambition to succeed and being able to change the world with what they do. Of course there are many factors that take into place for those who want to get rich. In a free market if someone wants to get rich, they can create an improvement in technology which can essentially bring more for less to a company. The way this works is for instance if someone comes up…show more content…
New products such as a drug that can be bought over the counter which helps people lose weight extremely fast. In today’s world more than two in three adults are considered to be overweight or obese. This new drug can change many lives, because essentially everyone wants to lose weight without exercising and eating right. If this new product can be marketed properly to the public, then the profit to the person who created the drug can skyrocket. Something that is new and everyone can connect to and want will catch people’s attention and can make the person who created the product very rich. This definitely ties in with technology advancement, because usually when new products come out, it is because of new technology which helps create the product. Getting rich in a free economy can be difficult, but the most successful is the market adjusting to a change in demand or supply. If the demand for a product is high then people will pay almost any price in order to get that product, but if the demand is low then not much profit can be made if the prices are high. If there is a high supply for a product then the prices will decrease which can create more revenue. If the supply is low and the demand is high then the price for that product is going to be high. It all depends on how the products are marketed and whether demand and or supply is high and or low. For instance the market needs to adjust if people’s income increases, because that
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