Market economies

A market economy is an economic system where most goods and services are produced and sold by private individuals and businesses, rather than the government. Prices are determined primarily through supply and demand—the more people want a product, the higher its price; if there's plenty of it, the price drops. Individuals and companies make decisions about what to buy, sell, and produce based on their interests. This system encourages innovation and efficiency because businesses compete to attract customers. Government's role is generally limited to regulating and maintaining fair competition, rather than controlling production or prices.