Writing of the Declaration of Independence

Market Economy

 

A Market Economy is an economic system in which the means of production are privately owned and controlled by individuals and entities in competition with one another. The products, amounts, costs, and prices are determined based on supply and demand.

 

The United States of America (see Americanism) is an example of a nation that operates based on a Market Economy.

 

A Market Economy is the opposite of a Command or Planned Economy.

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