Economy is based on choices of individuals and businesses. They determine the goods and services to provide based on competition.Individuals and business firms seek to earn profits. Competition is encouraged.People can own property, their own ideas, and make business agreements.In a true market economy, the government would not make economic decisions.Individuals and companies can choose to trade with other people in other countries. In a true market economy, trade without limits would be possible.
This is from one of my lessons.
