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Concept information

economy > economic system > market economy

Preferred term

market economy  

Definition

  • A mixed economy that relies heavily on markets to answer the three basic questions of allocation, but with a modest amount of government involvement. While it is commonly termed capitalism, market-oriented economy is much more descriptive of how the economy is structured.

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URI

http://www.eionet.europa.eu/gemet/concept/5061

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