market economy definition

  • noun:
    • An economy that operates by voluntary trade in a totally free market and it is maybe not in the pipeline or controlled by a central expert; a capitalistic economic climate.
    • An economy by which goods and services tend to be exchanged in a totally free marketplace, rather than a state-controlled or socialist economy; a capitalistic economic climate.
    • an economy that relies chiefly on marketplace forces to allocate products and sources also to determine rates

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