Feature (Characteristics) of a Market Economy
- There is private ownership and allocation of resources
- Freedom of entry and exit in economic activities
- There is perfect competition among firms
- Producers aim at maximizing profits
- There is limited or no government intervention in economic activities
- There is existence of consumer sovereignty (Freedom of choice by consumers)
- Resource allocation is based on forces of demand and supply
- There is promotion of self-interest,
CATEGORIES Economics
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