We were sitting at our table, discussing what our product could be. We kept on sharing our ideas. Then as a group we thought about our good, if it would be functional, appealing, and helpful to the students at Graded. Then we went to the "store" and looked at all the resources that they had. Once we made a list of what we needed to make our product, there was a bidding for the different resources. The resources with not a lot of supplies, would have a higher price than the resources that had more supplies. Each group, had a total of $100 to spend. After we bought our resources, we went straight into the production. When we started producing our good, some of us realized that we didn't have enough resources to produce our good, so there was some scarcity. Some companies went to others for different resources because of supply and demand. Having 30 minutes, each group started right away in constructing their good. My groups good was a "Stick-On Phone-Fan." It was difficult at first to produce it, but eventually it turned out great! The next step was to advertise and market our product. My group had a commercial and a sales pitch. As a group we decided the price, and we had to figure out how much we would profit per product. For example, my group would profit $4 per product. Lastly, our good went up for sale. We sold 7 goods to our classmates, and in total, we profited $28.
A free market system is good because then you can see who actually has the better imagination and who doesn't. You can figure out your strengths and weaknesses. For example you could be better at thinking of the product, but not how to market it or advertise it.
A free market could be bad in some ways because when you're working together with another company, you could have a partnership, and then if one company goes down, the other company could help them grow again. In a free market though, that's not the case. So when you lose, you snooze. No second chances.
A way to improve this economic system is to set to limits with the competition. Make it more fair. Also, even though it is a free market economy, the government is still very involved in the economy. So they should let the companies be a bit more independant.