Question

write the features of the market system.​

Answer 1

$\huge{Answer}$

The features of the market system / capitalist system are as follows:

( 1 ) Private ownership and control of means of production.

(2) Production is undertaken for maximisation of profit.

(3) Individuals have economic freedom, right to private property and consumers have freedom of choice.

( 4) There is minimal interference of the government in the economic activities. (5) Allocation of resources is guided by profit motive.

(6) Economic decisions are guided by market mechanism of demand and supply.

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