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.

Thank you for reading this article. If you have any queries regarding our article on the characteristic oMarket economy then do comment in the comment section below.

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Divya Chauhan

Divya Chauhan is an expert writer with 10+ years of experience as a content writer. They specialize in making complex topics like IT, Health, and general topic easy to understand. Divya has written over thousands of articles to help people with their content. Prior to joining Way2benefits’s editorial team in 2020, Divya worked as a Professor of BCA college and freelancer blogger.

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