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Law, 16.11.2020 18:30 ester32152

A market economy is a system in which supply and demand regulate the economy, rather than the government. Some characteristics are:  private ownership of property and resources  economic decisions made by buyers and sellers  profit motive  free enterprise Why is competition and some government regulation important to the successful growth of a market economy? Give two explanations for the importance of competition in a market economy and two reasons why it is important to have minimal government regulation in a market economy. Thanks

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