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THE SIX TRAITS OF A MARKET ECONOMY

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by

Dhruv Sharma

on 22 October 2014

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Transcript of THE SIX TRAITS OF A MARKET ECONOMY

Private Property
Owning
something gives you the right to buy and
sell
it. Profit would be
impossible
without the right to own property.("Property" here means both tangible
items
and land.)
Market and Prices
Buyers and sellers freely
exchange
goods and services on the
open market
. The market forces of
supply
and
demand
determine what prices will be.
Incentives/Self-Interest
People's own
self-interest
motivates them to produce, in the hope of making a
profit
. Self-interest is also an incentive for consumers, who seek to fulfill their
wants
and
needs
at the best
price
possible.
Freedom of Choice
People are free to
choose
what to
produce
, what to
consume
. The choices, producers and consumers make and determine what
goods
and
services
are available.
Competition
Produces
compete
with each other for
profits
by trying to produce goods and services that will be most
attractive
to consumers. This leads to innovation (
new

ideas
) and better
prices
.
Limited Government Role
The
government
does not make rules about
what
and
how much
gets produced. The government's main role is to make sure the market is fair and producers have a chance to
compete
.
GOAL!
THE SIX TRAITS OF A MARKET ECONOMY
By Dhruv, Kennedy, Tallulah
Full transcript