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  2. A market economy is an economic system where two forces, known as supply and demand, direct the production of goods and services. Market economies are not controlled by a central authority (like a government) and are instead based on voluntary exchange. Market economies rely on the interplay between supply and demand to function.
    www.nationalgeographic.org/encyclopedia/market-…

    Characteristics of a Market Economy

    • Private Ownership In a market economy, most goods and services are privately owned. ...
    • Freedom of Choice Owners are free to produce, sell, and purchase goods and services in a competitive market. ...
    www.thebalancemoney.com/market-economy-char…
    The market economy has existed in various forms ever since human beings began trading with one another. Free markets emerged as a natural process of social coordination, not unlike language. No single intellectual invented voluntary exchange or private property rights; it likely emerged as the natural outcome of human behavior.
    www.investopedia.com/ask/answers/020615/what-…
     
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    WebMay 16, 2024 · David Rubin. What Is a Market Economy? A market economy is a system in which production of goods and services is determined by supply and demand. In a market economy,...

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    WebSep 25, 2023 · There are two pillars of the market economy: voluntary exchange and private property. It is possible for trade to occur without one or the other, but that wouldn't be a market economy—it would be...

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