The private ownership of property and the use of the market system to direct and coordinate economic activity are the characteristics of:
A)a command economy.
B)a mixed economy.
C)a market economy.
D)a traditional economy.
E)a barter economy.

Question

Quizplus · Accepted Answer

A market economy is characterized by private ownership of property and the use of the market system to direct and coordinate economic activity. In a market economy, the prices of goods and services are determined by supply and demand, not by government intervention.

The Private Ownership of Property and the Use of the Market