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  2. Market economy - Wikipedia

    en.wikipedia.org/wiki/Market_economy

    Market economies range from minimally regulated free market and laissez-faire systems where state activity is restricted to providing public goods and services and safeguarding private ownership, [3] to interventionist forms where the government plays an active role in correcting market failures and promoting social welfare.

  3. Economic system - Wikipedia

    en.wikipedia.org/wiki/Economic_system

    Circulation model of economic flows for a closed market economy. In this model the use of natural resources and the generation of waste (like greenhouse gases ) is not included. An economic system , or economic order , [ 1 ] is a system of production , resource allocation and distribution of goods and services within a society .

  4. Mixed economy - Wikipedia

    en.wikipedia.org/wiki/Mixed_economy

    The political definition of a mixed economy refers to the degree of state interventionism in a market economy, portraying the state as encroaching onto the market under the assumption that the market is the natural mechanism for allocating resources.

  5. Circular flow of income - Wikipedia

    en.wikipedia.org/wiki/Circular_flow_of_income

    The government sector consists of the economic activities of local, state and federal governments. Flows from households and firms to government are in the form of taxes. The income the government receives flows to firms and households in the form of subsidies, transfers, and purchases of goods and services.

  6. Glossary of economics - Wikipedia

    en.wikipedia.org/wiki/Glossary_of_economics

    Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...

  7. Capitalism - Wikipedia

    en.wikipedia.org/wiki/Capitalism

    A social market economy is a free-market or mixed-market capitalist system, sometimes classified as a coordinated market economy, where government intervention in price formation is kept to a minimum, but the state provides significant services in areas such as social security, health care, unemployment benefits and the recognition of labor ...

  8. Market (economics) - Wikipedia

    en.wikipedia.org/wiki/Market_(economics)

    "The market" denotes the abstract mechanisms whereby supply and demand confront each other and deals are made; in its place, reference to markets reflects ordinary experience and the places, processes and institutions in which exchanges occurs [15] "The market" signifies an integrated, all-encompassing and cohesive capitalist world economy.

  9. Free market - Wikipedia

    en.wikipedia.org/wiki/Free_market

    Proponents of the free market as a normative ideal contrast it with a regulated market, in which a government intervenes in supply and demand by means of various methods such as taxes or regulations. In an idealized free market economy, prices for goods and services are set solely by the bids and offers of the participants.