Title: Explain the characteristics of a market economy as described by Adam Smith, the father of modern economics.
Course: Economics and Personal Finance (19262-I) > Section: Developing Knowledge and Integration of Basic Economic Concepts and Structures

Explanation should include

- private ownership of resources
- prices determined by markets
- competition among businesses
- consumer sovereignty
- profit motive
- limited government regulation
- why the market economy is self-regulating.