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market economy

noun
- 1. an economic system in which production and prices are determined by unrestricted competition between privately owned businesses: "the process of transition to a market economy led to major changes"
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Market economy
Type of economic system
A market economy is an economic system in which the decisions regarding investment, production and distribution to the consumers are guided by the price signals created by the forces of supply and demand. The major characteristic of a market economy is the existence of factor markets that play a dominant role in the allocation of capital and the factors of production. Wikipedia
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