What is meant by an economy? Give the major characteristics of a capitalis economy
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The important features of capitalism like p.riv.ate pro.p.erty, freedom of ch.oice, pr.ofit moti.ve and competition make a roo.m for fr.ee and eff.icient functioning of p.rice mechanism. Capitalism is esse.ntially a market economy where every commo.dity has a pm
rice. ... A producer will produce those goods, which give h.im more profit
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