8. Discuss the features of
market economy.
The following are the features of
market economy.
Ø Private
property: Individuals have the right to own and control land,
building, machinery and other natural factors of production. Because of these
feature market economy is known as capitalist economy.
Ø Freedom
of choice: In this market system each and every section
of the society has their own freedom. Individuals are free to set up their own
business and consumers are free to spend their income.
Ø Self
interest : The system encourages people to do what
is best for themselves. Firms will try to maximize profit, consumers will try
to maximize their satisfactions
Ø The
price mechanism: In this market system price of the
commodities are determined by the market. Price mechanism means price of the
commodities in the market are determined by the market forces like demand and
supply. Higher demand will increase the price.
A
very limited role for government: A government has very few
economic functions in a market economy. So this market system is known as free market economy.
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