What is another word for market economy?

Pronunciation: [mˈɑːkɪt ɪkˈɒnəmi] (IPA)

A market economy is a system where the production and distribution of goods and services are determined by the laws of supply and demand. Alternately, some synonyms for a market economy include a free market, capitalism, laissez-faire economy, or a market-oriented economy. In a market economy, producers are free to create products that they believe will be in demand and consumers can freely choose to purchase these products. It is a system where government intervention is minimal and the economy is driven by competition and profit motives. While a market economy is often associated with economic growth and innovation, it can also result in income inequality and market failures.

Synonyms for Market economy:

What are the hypernyms for Market economy?

A hypernym is a word with a broad meaning that encompasses more specific words called hyponyms.

What are the opposite words for market economy?

A market economy can be defined as an economic system that is characterized by the free and open exchange of goods and services between individuals, businesses, and governments. However, there are some antonyms to this system, which include planned economy, command economy or centrally planned economy, and mixed economy. In a planned economy, the government has complete control over the production, distribution, and pricing of goods and services. In command economies, a central authority makes all economic decisions, and in mixed economies, the government and private sector both play a role in regulating economic activity. These antonyms represent different forms of economic systems that have their own advantages and drawbacks.

What are the antonyms for Market economy?

  • n.

    • non-market economy
    • .

Famous quotes with Market economy

  • In a market economy, however, the individual has some possibility of escaping from the power of the state.
    Peter L. Berger
  • It has been true in Western societies and it seems to be true elsewhere that you do not find democratic systems apart from capitalism, or apart from a market economy, if you prefer that term.
    Peter L. Berger
  • Let me say again that the relationship is asymmetrical: there's no democracy without a market economy, but you can have a market economy without democracy.
    Peter L. Berger
  • So I think one can say on empirical grounds - not because of some philosophical principle - that you can't have democracy unless you have a market economy.
    Peter L. Berger
  • The free market economy is supposed to be the only path leading to the happiness of humanity by promoting wealth and prosperity, power and influence of nations.
    Omar Bongo

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