market economy
Pronunciation
/mˈɑːɹkɪt ɪkˈɑːnəmi/

Definition & Meaning of "market economy"in English

Market economy
01

an economic system in which private businesses determine production, prices, and salaries not the government

Grammatical Information
Animacy status
Abstract
Composition
Compound
Uncountable
Plural form
market economies
Examples
A market economy allows businesses to operate based on supply and demand without government interference in pricing.
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