Markets are generally thought to work well, allocating resources to where they generate the most utility. Following on from Adam Smith's 'Invisible Hand', the natural self-guiding nature of a market guides free markets to maximise profit and consumers' welfare without government intervention. If, for example, the demand for a product increases, it puts upwards pressure on its price, rationing the good to those who are willing to pay the most for it. The higher price signals a shortage of the good to producers, and, by raising the profit margin on each unit of the good sold, encourages an extension in supply. In this way, resources follow consumer demand. As long as consumers spend their limited income in such a way as to maximise utility, the most possible benefit is derived from society's scarce resources.
(then two appropriate definitions)
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