market economy

Definition of "market economy"
  1. An economic model that's driven by private enterprise allowing consumers to pick products and services, businesses to grow, and workers to select jobs and employers
How to use "market economy" in a sentence
  1. The rise of online businesses shows the flexibility of a market economy.
  2. In a market economy, consumers' preferences shape the products and services available.
  3. Lack of restrictive regulations in a market economy can allow novel industries to emerge.

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