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What is Market Economy

Encyclopedia of Data Science and Machine Learning
The interaction of consumers and suppliers on production and distribution of scarce (pecuniary) goods and services. Consumers are expected to maximize utility by comparing choices within their budget limit. Suppliers are expected to maximize their return-of-investment (ROI) supplying the most competitive goods and services to consumers.
Published in Chapter:
Humanities, Digitizing, and Economics
Torben Larsen (University of Southern Denmark, Denmark)
Copyright: © 2023 |Pages: 18
DOI: 10.4018/978-1-7998-9220-5.ch047
Abstract
Digitization is a milestone calling for a link back to the origin of social science in Antique Greece. The link is Neuroeconomics, an interdisciplinary field between neurology, psychology, and economics based on modern high-resolution brain scanners. The humanities expresses the human aspiration for positive relations among humans in contrast to the negative aspect of individual fighting for survival in the Elder Stone Age. The breakthrough of positive human relations is enabled by economic growth that provides the average consumer in the industrialized world with an existential freedom over at least 50% of their income. This happy situation is threatened by both an ecological catastrophe by the green-house effect and alienation of traditional human relations. Neuroeconomics explains how the rise of the creative class can overcome alienation by an inclusive democratic culture with sustainable solutions across the center. An independent production factor in this complex development is economics structured for dissemination of human capital.
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More Results
Financial Scams Through Ponzi Schemes: The Case of CIS Countries
An economic system where prices and distribution of resources are determined with respect to demand and supply of market participants. Individual property rights as well as freedom of economic choices are distinct aspects of a market economy.
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Customer Engagement Strategies of China's E-Commerce Industry and Their Impact on China's Economy Transition
An economic system in which production and the pricing of goods and services are guided by the interactions of individual citizens and businesses.
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Full Text Chapter Download: US $37.50 Add to Cart
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