Final answer:
The Anglo-Saxon model market system features private ownership and a free enterprise economy. It is defined by private enterprise, economic freedom, competition, and minimal government intervention, unlike command economies with public enterprise and centralized control.
Step-by-step explanation:
The key characteristics of the Anglo-Saxon model market system include private ownership and a free enterprise economy. The model emphasizes economic freedom, which allows individuals and firms to own resources and make production decisions based on market demand. This is in sharp contrast to command economies, where resources are owned collectively or by the government, and production decisions are centrally planned. Private enterprise is key in the Anglo-Saxon model and is characterized by minimal government intervention, competition in the marketplace, and economic incentives that drive efficiency and innovation. Conversely, a public enterprise characterizes command economies where the government controls key industries and resources.
Market-oriented economies are driven by property rights, incentives, economic freedom, competition, and may have different levels of government role. Some market economies may sometimes adopt elements of socialism, leading to mixed economies where key industries may be nationalized, yet most businesses are privately owned and subject to government regulation.