Business, 03.02.2020 17:58 xander252577

Which feature is characteristic of a market economy?

a) government provides basic goods.

b) self-interest motivates buyers.

c) people have less economic freedom.

d) people have no property rights

Answers: 3

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Answer from: carruthselena

The answer is B.

The 5 characteristics of a market economy are ability to own private property, freedom of economic choice, motivation by self interest, competition and limited government intervention. A sounds more socialist, as that would imply the government supplies the people with goods such as food, instead of leaving it to private enterprise.

Hope this helps.

Answer from: navleen4owjrk1

Characteristic of a market economy is self-interest motivates buyers.

Further explanation

A Market economy is an economic system regulated by supply and demand, not the government. Most of the resources, equipment, buildings, goods, and services in a market economy own by individual and private business. Most economic decisions are made by buyers and sellers, not the government.

Characteristics of market economy are:

Private ownership: Most of the resources, goods, and services are owned by individual or private sectors. Freedom of choice and free enterprise: Entrepreneurs have the freedom to get and use their resources. Consumers are free to buy goods and services to fill their need. The motive of self-interest: Entrepreneurs try to get the highest profits for their businesses. On the other hand, consumers try to get the greatest benefits from their budgets. Competition: competition ensures greater quality and lower prices for consumers . A system of markets and prices

Another type of economic system is a market economy, traditional economy, and a mixed economic system. Nowadays, many command economies began adding aspects of the market economy, we call it a mixed economic system.

Learn more

The goal of the command economy

Characteristic of a command economy

The function of the economic system

Keywords: command economy, central government, characteristic of a command economy, economic system

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Which feature is characteristic of a market economy?

a) government provides basic goods...

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