Question

Write the features of market

Answer 1

ANSWER

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The features of Market are as follows :-

1.Private property and Inheritance :-

Everybody has a right to acquire private property and pass it on to their children after death. But right to property is not absolute and unrestricted.

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2.Freedom of Enterprise and contract :-

The second main charactristics of this economy is that every individual has freedom of enterprises and is also free to enter into any contract.

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3.Freedom of consumption :-

In a market economy, every individual is free to consume any commodity up to any extent.

Here only those goods produced which are highly demanded by the consumers.

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