A market economy is driven by supply and demand. Producers sell goods for the highest prices possible, and members of the labor force work for the highest wages they can earn. Determinations as to how goods and services ... More »

Historically, no nation has ever had a completely authentic free-market economy. In this sense, it is purely a theoretical concept. However, given contemporary usage by economists and other specialists, such as those at ... More »

Prices are determined in a free market economy through the interactions of supply and demand in the marketplace, where demand is the quantity of a product that buyers are willing to purchase according to a given price an... More »

As of 2014, South Korea has a market economy based on supply and demand. In a market economy, the decisions to invest, build and expand are based on what is needed for the country to operate at optimal levels. More »

The concept of demand and supply states that for a market to function, producers must provide the goods and services that customers need. "Supply" represents the amount of goods a market can provide, while "demand" stand... More »

Another term for "equilibrium price" in economics is "market-clearing price," which is a price point at which the market achieves a balance in terms of supply and demand. When the market reaches a market-clearing price, ... More »

There is no supply curve in a monopolistic market because the monopolist searches the market demand curve for the profit maximizing price, rather than simply accepting the market price. Because there is only one seller, ... More »