The document summarizes key characteristics of a market economy, including private property rights, free enterprise with low barriers to entry, self-interest as the main motivator, competition among buyers and sellers, and supply and demand determining prices. It also discusses the appropriate role of government in a market economy, such as providing legal protections, public goods, addressing market failures, maintaining competition, redistributing income, and stabilizing the economy.

1. Characteristic of a Market Economy Ms. Ross

10. What is an appropriate role for government in a free market?