Meaning of “market economy” in the English Dictionary

american-english dictionary

"market economy" in American English

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market economynoun [ C ]

us /ˈmɑr·kɪt ɪˈkɑ·nə·mi/

social studies an economic system in which goods and services are made, sold, and shared and prices set by the balance of supply and demand

(Definition of “market economy” from the Cambridge Academic Content Dictionary © Cambridge University Press)

"market economy" in Business English

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market economynoun [ C ]

uk us also free economy ECONOMICS, POLITICS

an economic system in which companies manage their own business, profits, etc. and the supply and price of goods are decided according to how much demand there is for them, not by the government:

The company has played a leading role in helping to educate managers from the emerging market economies of Eastern Europe.

(Definition of “market economy” from the Cambridge Business English Dictionary © Cambridge University Press)