market economy

noun
UK: /ˌmɑː.kɪt iˈkɒn.ə.mi/
US: /ˌmɑːr.kɪt iˈkɑː.nə.mi/

  1. An economic system where prices are based on supply and demand.

    1. The market economy decides what goods are produced.
    2. In a market economy, private firms drive economic growth and innovation.

  2. An economy in which production and prices are determined by unrestricted competition between privately owned businesses.

    1. A market economy encourages efficiency and innovation.
    2. The shift towards a market economy has transformed the region's industrial output.

Synonyms

free market

Frequently Asked Questions

The word "market economy" in English means: An economic system where prices are based on supply and demand., An economy in which production and prices are determined by unrestricted competition between privately owned businesses..

The phonetic transcription of "market economy" is /ˌmɑː.kɪt iˈkɒn.ə.mi/ in British English and /ˌmɑːr.kɪt iˈkɑː.nə.mi/ in American English. Click the 🔊 button to hear both pronunciations.

Synonyms for "market economy": free market.

Example usage of "market economy": "The market economy decides what goods are produced.". More examples on the page.