Questions what is the main features of the socialist economy?

What is the main features of the capitalist economy?

Key words: profit motive, minimal government intervention, competition, private property ownership

Profit motive is seen as important for enabling an efficient distribution of resources and encouraging innovation and responsive markets.

Minimal government intervention. Government intervention is limited for the protection of private property and provision of public goods.

Competition. True capitalism needs a competitive market. Without competition, monopolies exist, and instead of the market setting the prices, the seller is the price setter.

Right to private property ownership. This right means that private property such as property, factories, machines, plants etc. can be owned under private individuals and companies.

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