Why are many West African countries trying to adopt a free market system?

ECONOMICS
WAEC 2001

Why are many West African countries trying to adopt a free market system?

Explanation

Many West African countries are trying to adopt a free market system in order to:

(i) stimulate free and efficient utilization of resources by private individuals

(ii) pro-mote efficient production methods

(iii) give consumers and producers the freedom of choice

(iv) enable producers to maximize profit, i.e, to work harder

(v) pro-mote rapid economic growth and development through investment

(vi) facilitate rising standard of living.

(vii) enable consumers to maximize their satisfaction.



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