| 单词 | market economy |
| 释义 | market economy An economy in which a substantial proportion of economic decisions are taken by the use of markets. This is contrasted with a planned economy, in which most major decisions are taken by a centralized decision-making process working in quantitative terms. The advantage of a market economy is that prices fixed by markets convey information about the relative demand for various goods and services and the relative costs of providing them. The prices also provided incentives to increase profitable and decrease unprofitable activities. The disadvantages of a pure market economy are that externality are disregarded, the market may be distorted by Monopolies and Mergers Commission, and the resulting income distribution may be socially unacceptable. In practice most economies are based on varying mixtures of markets and government planning. |
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