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The problem of choosing the proper economic system How we use a combination of private enterprise (markets) and government actions to reach society's economic goals Write three paragraphs using full sentences and proper grammar. The first paragraph explains some key features of a pure market (laissez-faire) economy in regard to the ownership of the factors of production, the role of private business, the motivation to act, the existence of competition and the determination of prices. The second paragraph gives two goals desired by society that the pure market economy is largely successful in reaching and explains why the market is able to attain these goals. The third paragraph gives two goals desired by society that the pure market economy is not very successful in reaching and explains what government actions have been taken to help the economy reach these goals. (Note: When government programs and regulations are established to reduce the problems in a pure market economy, the economy is known as a mixed economy, i.e. a combination of markets and government action. Discuss about why the market and the government are necessary for the economy to reach these goals