Private ownership of an economy's resources is a defining feature of the pure market economy

Question

Quizplus · Accepted Answer

Private ownership of resources, such as land and capital goods, is a key characteristic of a pure market economy. This means individuals and businesses have the right to own, use, and dispose of property as they see fit, without interference from the government or other entities. This allows for competition, innovation, and a price system to determine the allocation of resources and the production of goods and services.

Private Ownership of an Economy's Resources Is a Defining Feature