Examlex
A system that is organized by markets is called:
Free-Market Economy
An economic system where prices for goods and services are determined by the open market and consumers, with minimal government intervention.
Capitalism
An economic system characterized by private or corporate ownership of capital goods, investments determined by private decision, and prices, production, and the distribution of goods that are determined mainly by competition in a free market.
Laws of Supply
Economic principles stating that as the price of a good or service increases, the quantity supplied of that good or service rises, and vice versa.
Developed, Democratic Countries
Nations characterized by advanced economic development, democratic governance, and high levels of social welfare.
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