Civics: 6 traits of a market economy

private property

owning something gives you the right to buy and sale it. Profit would be impossible without the right to own property. ("Property" here means both tangible items and land.)

freedom of choice

people are free to choose what to produce and what to consume. the choices producers and consumers make determines what goods and services are available

incentives/self-interest

people's own self interest motivates them to produce, in the hope of making a profit, self Interest is also an incentive for consumers, who seek to fulfill their wants and needs at the best price possible

limited government role

the government does not make rules about what and how much gets produced. The government's main role is to make sure the market is fair and producers have a chance to profit

market and prices

buyers and sellers freely exchange goods and services on the over market. the market forces of supply and demand determine what prices will be

competition

producers compete with each other for profit by trying to produce goods and services that will be most detractive to consumers. This leads to innovations (inivations) and better prices