ENTREPRENEURSHIP

Detailed explanation-1: -Private property, freedom, self-interest, competition, minimum government intervention are the characteristics of a market economy. A market economy is governed by supply and demand.

Detailed explanation-2: -In a market economy, businesses aim to supply their products, goods and services at the highest price consumers are willing to pay, while consumers look for the lowest prices they can find for those supplies.

Detailed explanation-3: -A market economy is an economic system where two forces, known as supply and demand, direct the production of goods and services. Market economies are not controlled by a central authority (like a government) and are instead based on voluntary exchange.

Detailed explanation-4: -In a market economy, almost everything is owned by individuals and private businesses-not by the government. Natural and capital resources like equipment and buildings are not government-owned. The goods and services produced in the economy are privately owned.