Economics GCSE
Market economies
What Market economies means in Economics GCSE, as defined for AQA.
Definition of Market economies
Check what you remember
Read the wording for your board, then hide it and explain Market economies in your own words. Rough notes are fine. This is a self-check, with no mark or grade.
Reference: AQA
An economy in which resources are allocated by the price mechanism through the interaction of buyers and sellers, not the government.
Topics that use Market economies
- Markets and allocation of resources (AQA GCSE)
Related terms
- Circular flow of income
- Efficiency and resource allocation
- Factor market
- Factors of production
- Market
- Market forces
- Price determination
- Product market
Using Market economies in the exam
Check the command word and mark scheme for your exact question. After comparing your explanation with the reference, use the term in an answer on the linked topic. This practice does not predict an exam mark.
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