Definition

Describing something that is not based on market principles or does not operate within a free market system.

Example

The nonmarket sector plays a crucial role in providing essential services that are not driven by profit.

Conversation

I was reading about how some economies have nonmarket sectors.

Oh really? What does that mean exactly?

It means they're not based on market principles, like free trade.

That makes sense. I guess they can have their own set of challenges.

Synonyms & Antonyms

Root Explanation

Nonmarket → It is formed from "non-" (meaning not) and "market" (from Old English "mearc", meaning a place for trade or commerce). The word "nonmarket" refers to something that is not part of the market or commercial activities.

Memory Tip

Think of 'non-' meaning 'not' and 'market' as a place for trade — so nonmarket refers to things that are not involved in trade.

Visually Confused Words