nonmarket
/nɑnˈmɑrkɪt/ · non.mark.et
noun
- An economy or system that is not based on market principles or mechanisms. The nonmarket economy of the Soviet Union was characterized by state-controlled production and distribution of goods.
- A situation or environment where goods and services are not exchanged for money or other market-based incentives. The nonmarket value of a volunteer's time is difficult to quantify, but it is essential for many community organizations.
adjective
- Not related to or influenced by market forces or mechanisms. The nonmarket factors that contributed to the company's success included its strong brand reputation and loyal customer base.
Did you know? The concept of nonmarket economies has been studied extensively in the fields of economics and sociology, with many researchers exploring the benefits and challenges of such systems.