W5E merit/flaw question from a new comer

So, in WTA 5e I was looking at the rules, and I don't think it actually says how one allocates merits/flaws. Is it like skills? Is there a minimum/maximum amount?

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A page number for reference would be great because the pages 97-105 where merits and flaws are listed don't say anything about how to accrue them. Online mentioned a 7/2 system i think?