BACK TO market economy
market economy vs. command economy
[ mahr-kit i-kon-uh-mee ]
noun
- a capitalistic economic system in which there is free competition and prices are determined by the interaction of supply and demand.
[ kuh-mandi-kon-uh-mee ]
noun
- a socialist economic system in which production and distribution of goods and services are controlled by the government and industry is mostly publicly owned.