There are many ways that the market economy differed from the household economy: The standard of living rose, There were more opportunities for economic gain, and Households began producing surplus crops and livestock to be sold.
An economic system called a market economy is one in which the forces of supply and demand govern how goods and services are produced. Market economies are built on voluntary transactions rather than being managed by a centralized authority (like a government).
In the market for resources, households sell their goods. In return for money—in this context, referred to as income—households sell land, labor, capital, and entrepreneurial activity. Families and households purchase products and services on the open market. Income is used to buy products and services for households.
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