non-market economy

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Word: Non-Market Economy

Part of Speech: Noun

Definition: A non-market economy is an economic system where the production and distribution of goods and services are not determined by supply and demand in the open market. Instead, the government or central authority often controls these aspects.

Usage Instructions: Use "non-market economy" when talking about economic systems where the government plays a significant role in managing the economy, rather than letting businesses and consumers make decisions based on market forces.

Example:

• Simple: In a non-market economy, the government decides how much food to produce, rather than letting farmers decide based on what people want to buy.
• Advanced: Countries like North Korea and Cuba can be classified as non-market economies because the state controls most aspects of economic activity, including prices and production levels.

Advanced Usage:

In discussions about global economics, you may encounter terms like "planned economy" or "command economy," which are often used interchangeably with "non-market economy."

Word Variants:

• Market Economy: This is the opposite of a non-market economy, where prices and production are determined by supply and demand.
• Mixed Economy: This is a blend of both market and non-market features, meaning some sectors are controlled by the government while others operate in a free market.

Different Meanings:

While "non-market economy" specifically refers to an economic system, it can also imply a broader concept of economies where informal or non-commercial exchanges occur, such as barter systems or gift economies.

Synonyms:

• Command economy
• Planned economy
• Centrally planned economy

Idioms and Phrasal Verbs:

This term does not have specific idioms or phrasal verbs associated with it, but you might hear phrases like "government intervention" or "central planning" in discussions about non-market economies.

Summary:

In summary, a "non-market economy" refers to an economic system where the government controls production and distribution rather than leaving it to the free market.

Academic

Noun

1. an economy that is not a market economy