According to geographers, when the standard of living is higher, and access to knowledge is better, the more secure are a country’s market economies.
A market economy can be defined as a type of economy in which prices, products and services are being determined by the market rather than the government.
Simply stated, a market economy is a type of economy that is completely driven by demand and supply of goods and services.
This ultimately implies that, a market economy is devoid (free) of government regulations, interference and control because market forces are typically determined by the market (enterprises).
In conclusion, geographers assume that when life expectancy is longer, standard of living is higher, and access to knowledge is better, the more secure are a country’s market economies.
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