Private Market

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  • In public administration, economics, and political science, this term is essentially synonymous with the term free, or private, market, in which goods and services are both owned and exchanged without excessive government regulation or restriction. The antonym for this market is a command economy, in which government controls the means of production as well as all decisions in relation to production, distribution, and pricing. The private market operates on the simplest basis through supply and demand. Goods are allocated on the basis of who can pay, not what the state commands. The pure free market theorists even oppose taxation. Markets emerge as a result of certain economic decisions made by the producers of goods and services. Adam Smith and his intellectual descendants declare that such ...

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