which of the following is a characteristic of a market economy
weak property rights, limited role of government, no consumer choice, lack of competition
So whats the answer
A characteristic of a market economy is a limited role of government.
A characteristic of a market economy is the presence of competition. To determine which of the following options aligns with this characteristic, let's analyze each one:
1. Weak property rights: This refers to limited protection and enforcement of property ownership rights. It does not directly relate to the presence or absence of competition in a market economy.
2. Limited role of government: In a market economy, the government's role is limited to enforcing property rights, protecting individual freedoms, and ensuring fair competition. This can be seen as a characteristic of a market economy, but it is not specifically related to competition.
3. No consumer choice: In a market economy, consumers have the freedom to make choices regarding the products and services they want to purchase. This freedom of choice is an essential feature of a market economy and is directly related to competition. When there is competition, consumers have various options to choose from.
4. Lack of competition: A lack of competition contradicts the basic principles of a market economy. In a market economy, competition is encouraged as it drives innovation, improves product quality, and offers consumers more choices.
Therefore, out of the options provided, the characteristic of a market economy is the presence of consumer choice (option 3). This is because consumer choice is closely tied to competition, which is a vital aspect of a market economy.