What Are The Main Features Or Characteristics Of Economy?

The characteristics of an economy defines the type of economy. The first main feature of any economy can be the modernity of the economy like some economies are based on traditions and some on modern patterns. Another characteristic of economy is the privatization and nationalization of the markets in the economy. Trade is also an important feature of economy because some economies are closed economies and some are open economies(if trade is liberal and open). Reforms in an economy also defines the economy like growth in an economy, employment rate, debt, financial position, minerals and resources, imports and exports etc. Are all the factors which determine the characteristics of an economy. Macroeconomic factors like inflation rate, unemployment rate also constitute the characteristics of economy.