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  • Market Economic System: 0455-Economics-Paper-1 1

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    A market economic system is based on private ownership and competition. Producers own and operate businesses to supply goods and services for profit in open markets where prices are determined by supply and demand. Consumers have freedom of choice in determining what goods and services to purchase. The government plays a limited role by establishing rules to maintain competition and private property rights.

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    MED

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    A market economic system is based on private ownership and competition. Producers own and operate businesses to supply goods and services for profit in open markets where prices are determined by supply and demand. Consumers have freedom of choice in determining what goods and services to purchase. The government plays a limited role by establishing rules to maintain competition and private property rights.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    3 views2 pages

    Market Economic System: 0455-Economics-Paper-1 1

    Uploaded by

    fak22509
    A market economic system is based on private ownership and competition. Producers own and operate businesses to supply goods and services for profit in open markets where prices are determined by supply and demand. Consumers have freedom of choice in determining what goods and services to purchase. The government plays a limited role by establishing rules to maintain competition and private property rights.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 2

    MARKET ECONOMIC SYSTEM

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    0455-Economics-Paper-1 www.smartexamresources.com 11
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    0455-Economics-Paper-1 www.smartexamresources.com 22

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