ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Property Rights
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Freedom of Enterprise
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Competition
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Total Government Control
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Detailed explanation-1: -As such, market economies do not rely on external players like the government to control operations. Instead, they rely on voluntary transactions based on demand and supply.
Detailed explanation-2: -Answer and Explanation: The correct answer is A. Markets are physical locations where trading occurs. Markets do not need a central physical location.
Detailed explanation-3: -Private property, freedom, self-interest, competition, minimum government intervention are the characteristics of a market economy.
Detailed explanation-4: -Brief explanations are given for these characteristics of the market system: private property, freedom of enterprise and choice, the role of self-interest, competition, markets and prices, the reliance on technology and capital goods, specialization, use of money, and the active, but limited role of government.
Detailed explanation-5: -Private Property. Economic Freedom. Consumer Sovereignty. Competition. Profit. Voluntary Exchange. Limited Government Involvement.