Final answer:
Market capitalism involves private resource ownership and market resource allocation, with minimal government intervention, allowing for decentralized decision-making based on demand.
Step-by-step explanation:
Market capitalism is characterized by private resource ownership and market resource allocation. This economic system allows individuals and firms to own resources and make decisions about production, which are coordinated through markets. Unlike command economies, where the government owns and operates resources, market capitalism operates on the principles of private property rights and decentralized decision-making.
In a market economy like the United States, businesses supply goods and services based on demand, and incomes are determined by the ability to transform resources into valuable outputs for society. Government intervention is minimal or focused on maintaining property rights, as opposed to command economies where government plans and controls all economic activities.