1.
market economy
an economic system in which prices and production are determined by supply and demand rather than central planning
日本は市場経済の国だ。
Japan is a market economy country.
市場経済では需要と供給が価格を決める。
In a market economy, supply and demand determine prices.
その国は計画経済から市場経済への移行を進めている。
That country is transitioning from a planned economy to a market economy.
Composed of 市場 (market) + 経済 (economy). A fundamental economics term frequently encountered in news, textbooks, and political discussions.
COMMON COLLOCATIONS:
- 市場経済体制: market economy system
- 市場経済への移行: transition to a market economy
- 自由市場経済: free market economy
- 市場経済の原理: principles of market economy
SIMILAR WORDS:
- 計画経済: planned economy — an economy directed by government control, the opposite system
- 資本主義: capitalism — the broader ideological framework that includes market economies
- 自由経済: free economy — emphasizes the absence of government interference