definition of Market Economic system
Answers
What Is a Market Economy?
A market economy is an economic system in which economic decisions and the pricing of goods and services are guided by the interactions of a country's individual citizens and businesses. There may be some government intervention or central planning, but usually this term refers to an economy that is more market oriented in general.
KEY TAKEAWAYS
•In a market economy, most economic decision making is done through voluntary transactions according to the laws of supply and demand.
• A market economy gives entrepreneurs the freedom to pursue profit by creating outputs that are more valuable than the inputs they use up, and free to fail and go out of business if they do not.
• Economists broadly agree that market-oriented economies produce better economic outcomes, but differ on the precise balance between markets and central planning that is best for a nation's long-term wellbeing.
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