Answer to Question #240157 in Macroeconomics for mnb

Question

List any 10 Legal and economic requirements for a well-functioning market system.

Answer 1

1) private property

2) freedom of enterprise and choice

3) the self-interest

4) competition

5) markets and prices

6) the reliance on technology and capital goods

7) specialization

8) the active, but limited role of government

9) the efficiency and innovation

10) the social costs and benefits are fully recognised within the market