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MARKET ECONOMY
An economy in which goods and services are freely exchanged without obstruction or regulation and where decisions about production and consumption are made by many separate individuals each seeking satisfaction of specific needs and desires. Sometimes used interchangeably with ‘capitalist economy’, but this is an error since a cooperatively based economy could also be operated on market principles. See: INVISIBLE HAND OF THE MARKET / .

Last updated 2002--0-9-


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Athabaca University ICAAP

© Robert Drislane, Ph.D. and Gary Parkinson, Ph.D.
The online version of this dictionary is a product of
Athabasca University and
ICAAP

*This social science dictionary has 1000
entries covering the disciplines of sociology, criminology, political
science and women's study with a commitment to Canadian examples and
events and names