A market economy has several aspects that characterize it. It is very rare that all of these aspects are realized completely.
1) In this type of economy the government doesn't intervene.
2) Resources are privately owned. Goods and services are given by the individuals.
3) There has to be freedom of choice to buy and sell whatever the people want. Freedom of enterprise to start any business you want.
4) Every entrepreneur sees for himself and looks to maximize their profit. They act on self interest.
5) Competition is very important for a market economy to work. <u>In theory</u>, when there's competition the market will regulate itself preventing price and power abuses and guaranteeing the best price for the costumer.
They brought different things with them, like different beliefs and religions. They also brought different technologies as in tools.
Ancient Greeks believed that Zeus, king of the gods, and his family of deities dwelt on Mount Olympus but they regarded the mountain as a more figurative space of these gods and goddesses than an actual location on earth.
1. British taxing to much
2. forced to quarter soldiers
3. didn't have the right to a fair and speedy trial
Penn's family had loaned Charles II money. As a way of repaying debt, Charles awarded Penn land that became known as Pennsylvania. (Penns Woods)
