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market economy vs. capitalism

market economy

[mahr-kit i-kon-uh-mee] / ˈmɑr kɪt ɪˌkɒn ə mi /

noun

a capitalistic economic system in which there is free competition and prices are determined by the interaction of supply and demand.

capitalism

[kap-i-tl-iz-uhm] / ˈkæp ɪ tlˌɪz əm /

noun

an economic system in which investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations, especially as contrasted to cooperatively or state-owned means of wealth.