A systematic and coherent set of principles or ideas that explain how an economy functions, including the production, distribution, and consumption of goods and services.
Related terms
Market Economy: An economic system where most resources are owned by individuals or privately-owned businesses, and decisions about production and distribution are determined through market forces.
Deregulation: The process of removing government regulations or restrictions on industries, businesses, or markets.
Competition: The rivalry among sellers trying to attract customers by offering the best products at the lowest prices.