What is Market economic system?

An economic system in which production and prices are determined by unrestricted competition between privately owned businesses.

A market economy is an economic system in which investment, production and distribution decisions are guided by the price signals created by supply and demand forces.

Countries use Market Economy:

Countries that have a market economy are Mexico, the United States, the United Kingdom, Germany, and Canada.

Related:

What is the traditional economic system?

What is a mixed economic system?

What is Command economic system?