market economymarket economy
The definition of a market economy is one in which price and production is controlled by buyers and sellers freely conducting business.
An example of a market economy is the United States economy where the investment and production decisions are based on supply and demand.
an economy in which prices, the supply of goods, etc. are determined by buyers and sellers carrying on business dealings with a relatively high degree of freedom
An economy that operates by voluntary exchange in a free market and is not planned or controlled by a central authority; a capitalistic economy.
(plural market economies)