open market

  

Definition

Where price of goods and services is governed by the forces of demand and supply, and not by manipulation by cartels or government policies. See also free market.

Use open market in a sentence

  • You need to know where your product stands on the open market and adapt to that as quickly as you can.

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  • The menu at the seafood restaurant does not specify prices, due to the open market for the items that they sell.

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  • Some say that the website Mechanical Turk exploits cheap labor, while others say that it is an open market economy where workers can choose to work for whatever wages they and the employer agree on.

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