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market economy
/mˈɑːɹkɪt ɪkˈɑːnəmi/
/mˈɑːkɪt ɪkˈɒnəmi/
Market economy
01
an economic system in which private businesses determine production, prices, and salaries not the government
Examples
A market economy allows businesses to operate based on supply and demand without government interference in pricing.
In a market economy, consumers have the freedom to choose among competing products and services.
