particularly desire. Firms, which are privately owned, see the
opportunity of increased profits and producethe new fashio-
nable and favoured products. The market system of economic
organization is also commonly described as a free enterprise or
laissez-faire, or capitalism system. Weshall use all these terms
to stand fora market economy. The framework of a market or
capitalisn system contains six essential features. They are:
•
Private property •
Freedom of choise and enterprise •
Self – interest as the dominating motive •
Competition •
A reliance on the price system •
A very limited role of government
