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Market economy
01
an economic system in which private businesses determine production, prices, and salaries not the government
market economy
n
Example
The transition to a market economy in Eastern Europe led to significant economic reforms and privatization.
In a market economy, consumers have the freedom to choose among competing products and services.
Market economies rely on competition to allocate resources efficiently and drive innovation.
A market economy allows businesses to operate based on supply and demand without government interference in pricing.
The United States is often cited as an example of a market economy characterized by private enterprise and minimal government regulation.
