Illustrate the characteristics of the Market System
Illustrate the characteristics of the Market System?
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Most of the private property Private individuals and firms own (land and capital):-
1. Private property, coupled with the freedom enables individuals, to discuss binding, legal contracts and businesses to acquire exploit, control and organize of this property.
2. Private property rights encourage innovation, venture, maintenance of property, exchange of assets as well as economic growth.
3. Property rights extend to intellectual property through copyrights, patents as well as trademarks.
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I have a problem in economics on Resources of private Capitalism. Please help me in the following question. The Private individuals own most resources and find out how they will be employed in an economic system of: (1) Socialism. (2) Capitalism. (3)
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