Definition of Market Economy
Market Economy Pronunciation
Syllabification: mar·ket e·con·o·my
- American English – /mAHR-kuht i-kAHn-uh-mee/
- British English – /mAHk-it i-kOn-uh-mee/
International Phonetic Alphabet
- American English – /ˈmɑrkət ɪˈkɑnəmi/
- British English – /ˈmɑːkɪt i(ː)ˈkɒnəmi/
- 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
- Economic Sociology Resources – Books, Journals, and Helpful Links
- Word origin of “market” and “economy” – Online Etymology Dictionary: etymonline.com
- allocation of resources
- division of labor
- economic system
Oxford University Press. (N.d.) Oxford Dictionaries. (https://www.oxforddictionaries.com/).
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.
ASA – American Sociological Association (5th edition)
Bell, Kenton, ed. 2013. “market economy.” In Open Education Sociology Dictionary. Retrieved November 29, 2023 (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 November 29, 2023. https://sociologydictionary.org/market-economy/.
MLA – Modern Language Association (7th edition)
“market economy.” Open Education Sociology Dictionary. Ed. Kenton Bell. 2013. Web. 29 Nov. 2023. <https://sociologydictionary.org/market-economy/>.