Review:
Market Economy
overall review score: 4.5
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score is between 0 and 5
A market economy is an economic system in which economic decisions and the pricing of goods and services are guided solely by the aggregate interactions of a country's individual citizens and businesses.
Key Features
- Private ownership of resources
- Free enterprise
- Supply and demand-based pricing
Pros
- Promotes competition
- Efficient allocation of resources
- Innovation and technological advancement
Cons
- Income inequality
- Potential for market failures
- Lack of government intervention to address social issues