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MARKET ECONOMY

MARKET ECONOMY. FEATURES OF THE FREE ENTERPRISE SYSTEM:. Owning private property is a basic freedom in the free enterprise system. People and businesses are free to enter into a voluntary exchange agreement. PROFIT. Sellers are free to make as much profit as they can.

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MARKET ECONOMY

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  1. MARKET ECONOMY

  2. FEATURES OF THE FREE ENTERPRISE SYSTEM: Owning private property is a basic freedom in the free enterprise system.

  3. People and businesses are free to enter into a voluntary exchange agreement.

  4. PROFIT Sellers are free to make as much profit as they can.

  5. People are free to focus first on their own self-interest. People are free to “vote with their dollars”. People are free to start a business and or choose their career.

  6. Little government interference.

  7. COMPETITION • Sellers can use any method (legally) in order to get consumers to buy their products

  8. SPECIALIZATION • Buyers and sellers are able to concentrate their efforts in areas where they have an advantage.

  9. Impact of Market Economies

  10. Two major trends in modern economies:1. Many economies moving away from Command Systems and privatizing business.2. Globalization by getting foreign investors.

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