what are the important characteristics of a market economy?
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Brief explanations are given for these characteristics of the market system: private property, freedom of enterprise and choice, the role of self-interest, competition, markets and prices, the reliance on technology and capital goods, specialization, use of money, and the active, but limited role of government.
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Business Efficiency Unlike other types of economies, a market economy increases the efficiency of businesses. The government is limited in how it regulates transactions within a market economy. Most rules are enacted to protect consumers, the environment, market participants, and national security.
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Economic and Physical. The four economic characteristics of land that affect its value as a product in the marketplace are Scarcity, Improvements, Permanence of Investment, and Location or Area Preference.
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['Market size.', 'Market growth.', 'Pricing trends.', 'Intensity of the competition.', 'Overall risk in the industry.', 'Opportunity to differentiate products and services.']
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['(i) Product:', '(ii) Market:', '(iii) Middlemen:', '(iv) Company:', '(v) Marketing Environment:', '(vi) Competitors:', '(vii) Customer Characteristics:', '(viii) Channel Compensation:']
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['Number of Buyers and Sellers: ... ', 'Nature of the Commodity: ... ', 'Freedom of Movement of Firms: ... ', 'Knowledge of Market Conditions: ... ', 'Mobility of Goods and Factors of Production:']
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The three most important characteristics of oligopoly are: (1) an industry dominated by a small number of large firms, (2) firms sell either identical or differentiated products, and (3) the industry has significant barriers to entry.
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['Key market: the target audience.', 'Contribution: the product or service.', 'Distinction: what makes the product unique or why the audience should buy it over another.']
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Countries that have a market economy are Mexico, United States, United Kingdom, Germany, and Canada . These countries have a market economy because the prices of goods and services are set by supply and demand .
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Monopolistically competitive markets have the following characteristics: There are many producers and many consumers in the market, and no business has total control over the market price. Consumers perceive that there are non-price differences among the competitors' products. There are few barriers to entry and exit.
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Characteristics of Market Economies<br />Resources are owned and controlled by individuals<br />Economic decisions are made by individuals competing to earn profits<br />Individual freedom is considered very important<br />Economic decisions are made by the basic principles of supply and demand<br />Profit is the ...
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['Customers form the majority in the market.', 'Customer needs and wants are more "general" & less "specific"', 'Associated with higher production output and capacity (economies of scale)']
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A market economy is a system in which the supply and demand for goods and services plays a primary role in a competitive marketplace. ... The government may also ensure national security by not allowing businesses to transact with enemy countries and providing services that are not typically handled by private business.
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Key Takeaways A market economy functions under the laws of supply and demand. It is characterized by private ownership, freedom of choice, self-interest, optimized buying and selling platforms, competition, and limited government intervention.
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['Microeconomics – concerned with individual markets and small aspects of the economy.', 'Macroeconomics – concerned with the whole aggregate economy. Issues such as inflation, economic growth and trade.']
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The four key characteristics of monopoly are: (1) a single firm selling all output in a market, (2) a unique product, (3) restrictions on entry into and exit out of the industry, and more often than not (4) specialized information about production techniques unavailable to other potential producers.
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['Scarcity and Choice.', 'Efficiency(Productive & Allocative)', 'Price System(Demand and supply, utility and indifference curve)', 'Types of market structures(perfect competition, monopoly, oligopoly etc)', 'Factor market like the labour market.']