In the market economy, the primary channel through which buyers and sellers communicate with each other is price.
A market economy is an economic system in which the interactions of a country's individual citizens and businesses guide economic decisions and the pricing of goods and services. There may be some government intervention or central planning, but this term usually refers to a more market-oriented economy in general.
A market economy allows entrepreneurs to pursue profit by producing outputs that are more valuable than the inputs they consume, as well as the freedom to fail and go out of business if they do not.
Economists generally agree that market-oriented economies produce better economic outcomes, but they disagree on the exact balance of markets and central planning that is best for a country's long-term prosperity.
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