Which of the following is not a typical characteristic of a market system?
A) private property
B) freedom of enterprise
C) government ownership of most property resources
D) competition in product and resource markets

Question

Quizplus · Accepted Answer

Government ownership of most property resources is not a typical characteristic of a market system. A market system is based on the principles of private property, freedom of enterprise, and competition in product and resource markets. The role of the government in a market system is limited to providing a legal framework for market transactions, protecting property rights, and enforcing contracts.

Which of the Following Is Not a Typical Characteristic of a Market