Market economy with social safety nets

A market economy is a system where the production and pricing of goods and services are determined by supply and demand in a competitive marketplace. In this system, businesses and consumers make decisions freely. Social safety nets are programs designed to protect individuals from economic hardship, like unemployment benefits, food assistance, and healthcare services. They provide a safety cushion for those who may struggle, ensuring that basic needs are met, even in a fluctuating market. Together, they allow for economic growth while helping to safeguard vulnerable populations against the risks associated with market fluctuations.