Answer

The two elements of the Market System are Private Property Rights and Supply and Demand.

Explanation

The market system, also known as the free market economy, is characterized by the voluntary exchange of goods and services between buyers and sellers. Two key elements of this system are:1. Private Property Rights: This element ensures that individuals and businesses have the right to own and control their property, which they can use to generate income or trade for other goods and services. Private property rights encourage individuals and businesses to invest, innovate, and efficiently use resources to maximize profits.2. Supply and Demand: This element is the fundamental force that drives the market system. It determines the prices of goods and services. When demand for a product or service increases, its price tends to rise, encouraging producers to supply more. Conversely, when demand decreases, the price tends to fall, signaling producers to supply less. This interaction between supply and demand ensures that resources are allocated efficiently in the economy.