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The study of the market economy is known as market economics. It deals with the study of realized social system which is based on the division of labor and in such economy the prices of the products and the services are determined by the free price system. Therefore, understanding of how supply and demand operates in such economy is known as market economics. Market economics is opposite to planned economics (where prices are set by government) and mixed economics. US shows more characteristics of market economy as compare to the Western countries. Example of market economics is the study of demand and supply of wheat in a free market economy as compare to a planned and mixed economy.
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