BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The goods and services produced in the economy are privately owned. This private ownership, combined with the freedom to negotiate legally binding contracts, permits people to (10) obtain and use resources as they choose. A market economy has freedom of choice and free enterprise.

Detailed explanation-2: -Some market system characteristics include the type of goods or services that are exchanged, the type of participants involved in the exchange, and the rules surrounding exchange.

Detailed explanation-3: -As an economic system, private enterprise is characterized by competition, open markets, private ownership, and private initiative. Producers take production initiative on the basis of price and profit-and-loss signals essentially given by consumers.

Detailed explanation-4: -Capitalism is often thought of as an economic system in which private actors own and control property in accord with their interests, and demand and supply freely set prices in markets in a way that can serve the best interests of society. The essential feature of capitalism is the motive to make a profit.