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market economy
[ mahr-kit i-kon-uh-mee ]
noun
- a capitalistic economic system in which there is free competition and prices are determined by the interaction of supply and demand.
market economy
- An economy in which the greater part of production, distribution , and exchange is controlled by individuals and privately owned corporations rather than by the government, and in which government interference in the market is minimal. Although a total market economy is probably only theoretically possible (because it would exclude taxation and regulation of any kind), capitalist economies approximate it and socialist economies are antithetical to it ( see capitalism and socialism ). Market economies are also called free economies, free markets , or free enterprise systems.
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Word History and Origins
Origin of market economy1
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Example Sentences
But other states, especially Russia, have had trouble adjusting to a market economy, degenerating into massive kleptocracies.
In a market economy, having a right generally means being able to pay to exercise it.
And of course, we can't ignore the reality of a market economy.
The difference is this: a market economy is a tool--a valuable tool--for organizing productive activity.
Over the past three decades, we have drifted from having a market economy to becoming a market society.
Hardly a recipe for orderly transition, for democracy, or for market economy.
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