Meaning of the word "market economy" in English
What does "market economy" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.
market economy
US /ˈmɑːr.kɪt ɪˈkɑː.nə.mi/
UK /ˈmɑːr.kɪt ɪˈkɑː.nə.mi/
Noun
1.
an economic system in which production and prices are determined by unrestricted competition between privately owned businesses.
Example:
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Many countries are transitioning from planned economies to a market economy.
•
The principles of a market economy emphasize free trade and minimal government intervention.
Synonym:
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