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waleed here we were supposed to first assume that the country concerned currently either has mixed economy or socialism. then we were supposed to tell features plus little bit advantages of market economy. then we would further elaborate by saying that quantity demanded and supplied will be decided by price mechanism and there would be no shortage nor excessive production because market force of demand and supply are there in market economy. see?? in this way we will answer such question. i asked my teaches yesterday.. hope it was useful..In a Market Economy all resourced are owned privately.There is no government control over land,capital and labour.Businesses produce goods to make profit.The use of extending market system is that, Consumers are free to choose what they want to buy.Secondly, Businesses compete with each other and this could keep prices low.