Final answer:
Supply and demand, laissez-faire, and protection of private property are characteristic of a market economy, where private individuals or firms own resources and production is guided by market forces with minimal government intervention.
Step-by-step explanation:
The characteristics of supply and demand, laissez-faire, and the protection of private property are typically associated with a market economy. In a market economy, decisions about what to produce and how to produce it are made by individuals and firms in the market. This system is characterized by economic freedom, competition, and minimal government intervention, where the government's role is generally to enforce property rights and maintain the rule of law. Private enterprise flourishes in a market economy, where private individuals have the right to own property and businesses, contrasted with a command economy, where public enterprise is managed by the government and central planning is predominant.Conversely, a command economy is characterized by collective or government ownership of resources, with central planning making production and distribution decisions. This is typically seen in communist or planned economies. A socialist economy may incorporate elements of both market and command economies, such as market socialism or a mixed economy, where key industries may be nationalized but most businesses are privately owned.Therefore, the market economy is the correct answer to the characteristics mentioned in the question.