What are the features of a Market Economy?

What are the features of a Market Economy?

Some features of the Market Economy are;

  1. Firms are motivated by profit and households or individuals aim at getting maximum value for money they spend.
  2. The price mechanism is the key in the free market system. The answer to the question what, how and for whom to produce lies in price system.
  3. Consumer sovereignty: The wishes of the consumer ultimately determines what to produce, when to produce and at what price,
  4. Resources are efficiently allocated.
  5. Free competition among economic units.
  6. There exists private ownership of property.

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Somtochukwu

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Somtochukwu speaks to English hearing audiences and she writes motivational and informational books.

She can always booked as an external speaker for your event, conference, in order to propel them to achieve more.
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