Characteristics of a market economy

Here this article gives the characteristics of market economy:

  1. Resources are owned and controlled by individuals.
  2. Individual freedom is considered very important.
  3. The law protects competition.
  4. Everyone is free to live, work, produce, buy and sell whatever they choose.
  5. Profit is the motive for increasing work rather than quotes.
  6. The law protects ownership of private property.
  7. Self-interest drives the buying and selling services, including employment, sellers want the highest price, and buyers want the test value for their money.
  8. The basic concepts of supply and demand guide economic decisions.
  9. Prices are free to fluctuate in response to supply and demand.
  10. Individuals who are competing for-profit make economic decisions.

 

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