5 characteristics of a free market system
Terms in this set (6)
Private property, Freedom of choice, Motivation of self intrest, competition, limited government.
People own stuff, not the government
Freedom of choice
Entrepreneurs are encouraged to start businesses, Everyone can choose what to do/buy/sell
Motivation of self intrest.
People do things that benefit themselves,
Companies have a competitive drive, thus better quality and more variety and lower prices.
The people decide stuff, not the government (hands off approach) Companies are on their own.