Some of the main principles of The Market System are: Freedom of Choice, Free Trade, Property Rights, Division of Labor and Specialization. There are many other principles. But these are some of them. Division of Labor and Specialization made a deep impact in society from the very beginning, as both were the back bone of the Industrial Revolution. Industrial Revolution challenged individuals to be creative and embrace science and engage in new techniques leading to a new Era of innovation and ways of life. Some people were delighted with the new ways of life, others were concerned and afraid. But adaptation was needed, and an innovative Era took place.
As time passed, other ideas came along, Comparative Advantage was one of them. The idea of Comparative Advantage has contributed to society around the world as well. Making people more aware of how to manage their tasks within households, domestically and internationally.
These days society face new challenges. Some people opposing main principles of the Market System such as Free Trade by trying to raise barriers to trade and imposing barriers towards Freedom of choice such as trying to prevent international outsourcing.
Taking into consideration all that you have covered in the course so far please answer each one of the questions below in the order they are presented in a questionnaire format, provide examples and present a bibliography of the sources you use: