noun
- plural of nonmarket; sectors, activities, or transactions that exist outside or are not governed by market mechanisms or market prices
Usage: often used in economics and policy contexts; typically refers to government services, household production, or non-commercial activities
Examples
- Economists study both markets and nonmarkets to understand the full economy.
- Nonmarkets include public education, healthcare, and environmental protection services.
- The value of nonmarkets is often difficult to measure in monetary terms.
- Government policies shape the boundaries between markets and nonmarkets.
- Household labor and volunteer work are examples of nonmarkets activity.