MARKET ECONOMY

Pronunciation (US): (GB):

Meaning:

An economy that relies chiefly on market forces to allocate goods and resources and to determine prices

Synonyms:

Classified under:

Nouns denoting groupings of people or objects

Hypernyms ("market economy" is a kind of...):

economic system; economy (the system of production and distribution and consumption)

Hyponyms (each of the following is a kind of "market economy"):

capitalism; capitalist economy (an economic system based on private ownership of capital)

Antonym:

non-market economy (an economy that is not a market economy)