nonmarkets
/nɑnˈmɑrkɪts/
noun
- Economic activities or exchanges that occur outside of formal market systems, such as barter, gifts, or household production.
- Nonmarkets often rely on trust and social relationships rather than money or contracts.
- In many rural communities, nonmarkets like shared childcare and food exchanges are essential for daily life.
- The study compared the efficiency of formal markets with nonmarkets in distributing resources during a crisis.