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/
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
Market economy grants autonomy, like choosing between trade and astronomy
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🎤Pronunciation
🌳Etymology
Origin
Market derives from Latin mercatus, meaning 'trade' or 'commerce,' originally referring to a place of exchange. Economy comes from Greek oikonomia, literally 'household management,' from oikos (house) and nomos (law/management). The compound term conceptually merges these: the management of societal resources through trading and commercial exchange.
Breakdown
market (from Latin mercatus, 'trade') + economy (from Greek oikonomia, 'household management'). The phrase denotes an economic system where resource allocation occurs primarily through market transactions rather than central planning.
🎵Rhyme
🔗Collocations
📝Examples
“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'!”
📚Related Words
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