market economy — An economic system in which prices, production, and the distribution of goods and services are determined by supply and demand rather than by government intervention
Part of speech: NOUN
Definition: An economic system in which prices, production, and the distribution of goods and services are determined by supply and demand rather than by government intervention
Pronunciation (IPA): /ˈmɑːrkɪt ɪˈkɑːnəmi/
Korean meaning: 정부 개입보다는 수요와 공급에 의해 가격, 생산, 상품과 서비스의 분배가 결정되는 경제 체제
Korean pronunciation: **마**킷 이**카**너미
Example Sentences
- In a market economy, even the price of coffee can make economists lose sleep over supply chain theories.
- The country's shift toward a market economy has attracted foreign investment and boosted economic growth.
- Critics argue that a pure market economy can lead to income inequality and social problems.
market economy
NOUN//ˈmɑːrkɪt ɪˈkɑːnəmi//
An economic system in which prices, production, and the distribution of goods and services are determined by supply and demand rather than by government intervention
An economic system in which prices, production, and the distribution of goods and services are determined by supply and demand rather than by government intervention
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Market economy grants autonomy, like choosing between trade and astronomy
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🌳Etymology
Origin
Market은 라틴어 'mercatus'(거래)에서 유래되었고, Economy는 그리스어 'oikonomia'(가정 관리)에서 나왔습니다. 즉, '거래를 통한 사회 전체의 가정 관리'라는 개념입니다.
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“In a market economy, even the price of coffee can make economists lose sleep over supply chain theories.”
“The country's shift toward a market economy has attracted foreign investment and boosted economic growth.”
“Critics argue that a pure market economy can lead to income inequality and social problems.”
“Unlike a planned economy, a market economy lets consumers vote with their wallets - and sometimes their wallets vote 'no'!”
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