MARKETECONOMY

Market economy

A market economy is an economy in which decisions regarding investment, production and distribution are based on supply and demand, and prices of goods and services are determined in a free price system. The major defining characteristic of a market economy is that decisions on investment and the allocation of producer goods are mainly made through markets. This is contrasted with a planned economy, where investment and production decisions are embodied in a plan of production.

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market economy

Noun

  1. An economy in which goods and services are exchanged in a free market, as opposed to a state-controlled or socialist economy; a capitalistic economy.


The above text is a snippet from Wiktionary: market economy
and as such is available under the Creative Commons Attribution/Share-Alike License.

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