market economy

(noun) An economy in which most goods and services are voluntarily produced, distributed, and exchanged by the forces of price, supply, and demand.

Audio Pronunciation: (mar·ket e·con·o·my)

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Usage Notes:

  • Plural: market economies
  • The opposite of a market economy is a command economy and the combination of the two is a mixed economy.
  • Also called:
    • capitalist economy
    • free enterprise
    • laissez-faire economy
    • private enterprise

Additional Information:

Related Terms:

 


Works Consulted

Macmillan. (N.d.) Macmillan Dictionary. (https://www.macmillandictionary.com/).

Merriam-Webster. (N.d.) Merriam-Webster Dictionary. (http://www.merriam-webster.com/).

Oxford University Press. (N.d.) Oxford Dictionaries. (https://www.oxforddictionaries.com/).

Random House Webster’s College Dictionary. 1997. New York: Random House.

Ravelli, Bruce, and Michelle Webber. 2016. Exploring Sociology: A Canadian Perspective. 3rd ed. Toronto: Pearson.

Scott, John, and Gordon Marshall. 2005. A Dictionary of Sociology. New York: Oxford University Press.

Stewart, Paul, and Johan Zaaiman, eds. 2015. Sociology: A Concise South African Introduction. Cape Town: Juta.

Wikipedia contributors. (N.d.) Wiktionary, The Free Dictionary. Wikimedia Foundation. (http://en.wiktionary.org).

 

How to Cite the Definition of Market Economy

ASA – American Sociological Association (5th edition)

Bell, Kenton, ed. 2013. “market economy.” In Open Education Sociology Dictionary. Retrieved December 16, 2018 (https://sociologydictionary.org/market-economy/).

APA – American Psychological Association (6th edition)

market economy. (2013). In K. Bell (Ed.), Open education sociology dictionary. Retrieved from https://sociologydictionary.org/market-economy/

Chicago/Turabian: Author-Date – Chicago Manual of Style (16th edition)

Bell, Kenton, ed. 2013. “market economy.” In Open Education Sociology Dictionary. Accessed December 16, 2018. https://sociologydictionary.org/market-economy/.

MLA – Modern Language Association (7th edition)

“market economy.” Open Education Sociology Dictionary. Ed. Kenton Bell. 2013. Web. 16 Dec. 2018. <https://sociologydictionary.org/market-economy/>.