What are the fundamental elements of the free market economic system?

Answer by  Anonymous

The fundamental elements of the free market economics system are the right to own a business and keep after-tax profits, the right to private property, the right to free choice, and the right to fair competition.

Answer by  Anonymous

Capitalism, also known as the freek market system, is based on private ownership, economic freedom, and fair competition.

Answer by  cangel818 (981)

A person should have the freedom to create a product, produce it, and sell it for a good price. Supply and demand should dictate prices. The consumer, through their purchase power, should have influence over what is produced and what it should cost. Finally, a free market system should be based on the suppostion that a producer makes a profit.

Answer by  AnkurMohta (114)

In order for this system to function, the following principles must be present: 1. Sellers/Owners of goods and services must have the freedom to sell at any price. 2. Prices of goods are set as per its demand and supply. 3. The decisions about production must be made by consumers. 4. Businesses must run with profit motive.

Answer by  dannyg6285 (0)

How can a business thrive in a free market?