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Introduction to Economics – Markets and Markers – By Dr. Gnana Sankaralingam        Markets are a way of allocating resources, which need not be a place or involve exchange of physical objects. Each buyer or seller in markets choose to exchange something they have for something they would prefer to have instead. Trading things in this way would eventually result in a particular allocation of resources. Markers are indicators employed by government to measure economic performance of a country such as rate of growth, rate of inflation, level of unemployment, poverty rate and state of balance of payments. Market economies combine free markets and state interventions. Free markets allocates resources based on demand and supply and the price mechanism, that is anything can be sold at any price which people will pay for. Advantages of free market economy are efficiency, entrepreunership and choice. Any product could be bought and sold ...