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Market Economy

  A market economy is characterized by decentralized decision-making by private individuals and groups working through markets in which sellers typically produce for unknown and unseen potential buyers. The interaction of buyers and sellers in markets provides the answers to the basic economic questions of what to produce, how and for whom.

The market economy is often contrasted with centrally planned economies in which public authorities make the basic economic decisions. TF



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Other Terms : Speciation | Linguistic Reconstruction | Despotism
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