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