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  2. Key Takeaways In a market economy, the law of supply and demand is allowed to determine levels of production and the prices of goods and services. A market economy gives entrepreneurs the freedom to pursue profits by creating new products, and the freedom to fail if they misread the market.
    www.investopedia.com/terms/m/marketeconomy.asp
    A market economy is a system where private individuals and businesses operate the economy on the basis of demand and supply without much state intervention. It increases economic efficiency and provides more independence to both businesses and customers, in turn promoting economic growth.
    www.wallstreetmojo.com/market-economy/

    Characteristics of a Market Economy

    • Individuals are allowed to profit from private ownership of business and property. ...
    • Market players are free to produce, sell, and purchase as they please, subject to government regulations.
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