The main characteristic of market economies is that economic decisions are regulated by the market itself, which always finds a way to rebalance. For example, if your … The market economy is based on the production economy presented above. The Top 4 Factors That Make U.S. Supply Work, Why America Is Not Really a Free-Market Economy, Why Airline Travel Is So Miserable, and Other Effects of Deregulation, 13th Amendment to the U.S. Constitution: Abolition of Slavery (1865). Fourth, society reflects the values of the winners in the market economy. Employers seek to get the best employees at the lowest possible price. The most productive companies will earn more than less productive ones. Second, goods and services are produced in the most efficient way possible. A market economy is defined as a system where the production of goods and services are set according to the changing desires and abilities of the market players Pricing is based on the interactions of businesses and individuals within the society, providing a guide to how much or how little goods or services should be priced. Market Economy The two fundamental aspects of market economies are private ownership of the means of production and voluntary exchanges/contracts. The majority of goods and services are privately owned, for example. Entrepreneurs that successfully do so are rewarded with profits that they can reinvest in future business, and those who fail to do so either learn to improve over time or go out of business. Market Economy A social and economic system in which prices are fixed by the law of supply and demand rather than by a government or other body. Market economies differ considerably in the extent to which economic activities are integrated through non-spot-market means, and how they are, from the industrial districts of North East and Central Italy and other European societies to the highly coordinated postwar Japanese economy, dominated by large firms, vertical partnerships, and horizontal inter-market groups. A market economy is a system where the laws of supply and those of demand direct the production of goods and services. Supply includes natural resources, capital, and labor. 1  Supply includes natural resources, capital, and labor. "13th Amendment to the U.S. Constitution: Abolition of Slavery (1865)." Since a market economy allows the free interplay of supply and demand, it ensures that the most desired goods and services are produced. ”14th Amendment.” Accessed April 6, 2020. The domestic economy should be assumed to be a market economy unless the AD petitioner can demonstrate that it is not. Market economies are open economiesthat enable the free flow of goods and services between producers and consumers based on demand and supply. A market economy is the basis of the capitalist system. A market economy is an economy where most resources are owned and controlled by individuals and are allocated through voluntary market transactions governed by the interaction of … The purest form of capitalism is free market or laissez-faire capitalism. Most commonly, market economies feature government production of public goods, often as a government monopoly. Market economy An economy in which scarce resources are all (or nearly all) allocated by the interplay of supply and demand in free markets , largely unhampered by government rationing, price-fixing or other coercive interference. Market Economy. Workers bid their services at the highest possible wages that their skills allow. Accessed April 6, 2020. International Monetary Fund. Fourth, the most successful businesses invest in other top-notch companies. In particular, market economies can be distinguished by having functional markets for corporate control, which allow for the transfer and reorganization of the economic means of production among entrepreneurs. Market economies may still engage in some government interventions, such as price-fixing, licensing, quotas, and industrial subsidies. It also makes sure that everyone has equal access to the markets. “Article I.” Accessed April 6, 2020. Market Economy A social and economic system in which prices are fixed by the law of supply and demand rather than by a government or other body. For example, a child who might otherwise discover the cure for cancer might instead work at McDonald's to support her low-income family. That is, supply and demand dictates prices. Market Economy A social and economic system in which prices are fixed by the law of supply and demand rather than by a government or other body. What's Wrong With Laissez-Faire Economics? The goal of firms in a market economy is to maximize their profits. Proponents claim that a market economy allows for enough supplies of goods available to consumers. Consumers are willing to pay the highest price for the things they want the most. A market economy contrasts with both a planned economy and a mixed economy. Although the reason is selfish, it benefits the economy over the long run. socialism. Price changes are pure reflections of the laws of supply and demand. There are many advantages and disadvantages of market economy which are described briefly below. An example of the way a market economy works is how new technology is priced very high when it is first available for purchase, but the price goes down when more of that technology becomes available. How Capitalism Works Compared to Socialism and Communism, 5 Differences Between Communism and Capitalism, How Our Founding Fathers Protected the American Dream. These classically liberal free market advocates believed that the “invisible hand” of the profit motive and market incentives generally guided economic decisions down more productive and efficient paths than government planning of the economy. Although the market economy is clearly the popular system of choice, there is significant debate regarding the amount of government intervention considered optimal for efficient economic operations. Accessed April 6, 2020. This sharing of knowledge illustrates why Silicon Valley is America's innovative advantage. A market economy provides a win-win situation for the business and consumer. A market economy is, strictly speaking, an economy in which prices of things are freely set based on the laws of supply and demand, unfettered by interference from a government or other outside body.It is, at its most basic, an economy run entirely by the market itself. Competition drives the market economy as it optimizes efficiency and innovation. What is the definition of market economy? What is the definition of market economy? A market economy contrasts with both a planned economy and a mixed economy. It has provisions that facilitate and protect the market economy's six characteristics. The building and maintenance of highways in America is the responsibility of the government of each state. Market economies range from minimally regulated free-market and laissez-faire systems where state activity is restricted to providing public goods #3 – Market Economy. This kind of price fluctuation is a central component of a market economy. See more. Capitalism requires a market economy to set prices and distribute goods and services. Most developed nations are technically mixed economies because they blend free markets with some government interference. There are five determinants of demand: product price, buyer's income, prices of related goods, consumer taste, buyer's expectations., The role of government is to ensure that the markets are open and working. One reason for its success is the U.S. Constitution. Buyers and sellers agree on the terms of these transactions voluntarily based on consumers preferences for various goods and the revenues that businesses want to earn on their investments. In the United States, for example, the postal system belongs to and is run by the state, as is its military establishment. A market economy is an economy that's mostly regulated by market forces, like the competition between companies and the laws of supply and demand, without significant interference from the government. As opposed to a command economy where a central authority dictates what commodities are to be produced and sold, a market economy gi… That makes them mixed economies. In a market economy, the laws of supply and demand guide the production of goods and services, as well as investment and distribution. In market economy there are occasionaly market failure; In market economy it becomes difficult for government to provide adequate social services. Amendment IV protects private property and limits government powers by protecting people from unreasonable searches and seizures. market economy definition: 1. an economic system in which goods and services are made, sold, and shared and prices set by the…. In the United States, for example, the postal system belongs to and is run by the state, as is its military establishment. The owners can make legally binding contracts to buy, sell, or lease their property. A market economy, rather than a redistributive economy, is the hallmark of these sites, and they were important supplements to the regionally dispersed smaller villages and farmsteads. A market economy is an economic system in which the production of goods and services are directed by the laws of supply and demand. That gives them a leg up and leads to increased quality of production.. Everyone sells their wares to the highest bidder while negotiating the lowest price for their purchases. A market economy is one in which most financial decisions are made by both the citizens of a country and by the businesses which cater to those citizens. Pricing is based on the interactions of businesses and individuals within the society, providing a guide to how much or how little goods or services should be priced. First is the price at which they are willing to buy or sell. This reduces the ‘freedom’ of the market mechanism, though a ‘market’ may still exist. Legal Information Institute. The United States is an example of a country that utilizes a market economy system. Free market is also associated with a capitalist economy, as opposed to socialist economy where markets follow plans made by the government. This auction system sets prices for goods and services that reflect their market value. Article I, Sections 9 and 10, protects free enterprise and freedom of choice by prohibiting states from taxing each other’s goods and services. Ludwig von Mises was one of the most influential Austrian economists of the 20th century and a staunch opponent of all forms of socialism. Why the Market Is Booming and the Economy Is Struggling As the unprecedented events of 2020 have shown, the stock market and the economy are not the same thing. The force of competitive pressure keeps prices low. It also ensures that society provides goods and services most efficiently. In its pure form, a market economy is an economy absent of government subsidies, incentives, or regulations. "Determinants of Demand." ”Preamble.” Accessed April 6, 2020. It gives an accurate picture of supply and demand at any given moment. Learn more. Better yet, the United States should restrict the use of its antidumping law in general. One of the chief characteristics of a market economy is the fact that the amount of production of goods and the prices for those goods are determined by the laws of supply and demand. Market-oriented economy synonyms, Market-oriented economy pronunciation, Market-oriented economy translation, English dictionary definition of Market-oriented economy. She writes about the U.S. Economy for The Balance. A market economy, also widely known as a "free market economy," is one in which goods are bought and sold and prices are determined by the free market, with a minimum of external government control. Many of these people might become contributors to the economy's overall comparative advantage if they weren't caretakers. Since 1865, for example, you cannot legally buy and sell human beings.. Demand includes purchases by consumers, businesses, and the government. The offers that appear in this table are from partnerships from which Investopedia receives compensation. This means that business owners can sell their business for profit. In its pure form, a market economy is an economy absent of government subsidies, incentives, or regulations. This reduces the ‘freedom’ of the market mechanism, though a ‘market’ may still exist. A market economy is a system of economics which controls the prices of goods and services. Market-oriented economy synonyms, Market-oriented economy pronunciation, Market-oriented economy translation, English dictionary definition of Market-oriented economy. Article I, Section 8, protects innovation as property by establishing a copyright clause. A market economy is an economic system in which the decisions regarding investment, production and distribution are guided by the price signals created by the forces of supply and demand.The major characteristic of a market economy is the existence of factor markets that play a dominant role in the allocation of capital and the factors of production. Six Characteristics of a Market Economy. One of the chief characteristics of a market economy is the fact that the amount of production of goods and the prices for those goods are determined by the laws of supply and demand.In general, market economies are generally left to … Market economy definition, a capitalistic economic system in which there is free competition and prices are determined by the interaction of supply and demand. economic system in which demand, supply, and the price system help people make desicions; free enterprise economy. The allocation of resources by entrepreneurs across different businesses and production processes is determined by the profits they hope to make by producing output that their customers will value beyond what the entrepreneurs paid for the inputs. Market economy An economy in which scarce resources are all (or nearly all) allocated by the interplay of supply and demand in free markets, largely unhampered by government rationing, price-fixing or other coercive interference. This can best be achieved by minimizing costs in the resource market and maximizing revenues in the product market. Businesses sell their wares at the highest price consumers will pay. Most so-called market economies are mixed economies. What exactly is the market economy? #3 – Market Economy. A market economy functions under the laws of supply and demand. Exploring How an Economy Works and the Various Types of Economies. economic system in which the government owns some factors of production and has a role in determining what and how goes are produced Well, the market economyis basically an economy that allows goods and services to be traded freely on an open market. It is characterized by private ownership, freedom of choice, self-interest, optimized buying and selling platforms, competition, and limited government intervention. Amendment V protects the ownership of private property. The major characteristic of a market economy is the existence of factor markets that play a dominant role in the allocation of capital and the factors of production. A market economy has six defining characteristics. … This is a type of economic system where the government has no control over the market, the citizens and businesses decide which goods will be … The Balance uses cookies to provide you with a great user experience. Commodities became direct wealth, and the exchange of different values was monitored through coins. Legal Information Institute. You've probably heard this term a lot. opportunity costs. It's easy for businesses to start, creating constant competition for oth… Definition of market economy : an economy in which most goods and services are produced and distributed through free markets Examples of market economy in a Sentence Recent Examples on the Web Once a technology becomes normalized into the market economy… Here are the most important: The Preamble of the Constitution includes a goal to "promote the general welfare. Buyers compete for the best product at the lowest price. Market economies work using the forces of supply and demand to determine the appropriate prices and quantities for most goods and services in the economy. Is the US a Market Economy or a Mixed Economy? Markets in the most literal and immediate sense are places in which things are bought and sold. 1. Distribution. Several companies in the US belong to the state, including Amtrak (passenger railroad service), Anacostia Waterfront Corporation, Commodity Credit Corporation (protects farm income and prices), Corporation for Publi… 1. In its pure form, a market economy is an economy absent of government subsidies, incentives, or regulations. Keynesian Economics is an economic theory of total spending in the economy and its effects on output and inflation developed by John Maynard Keynes. ”Fifth Amendment.” Accessed April 6, 2020. Proponents claim that a market economy allows for enough supplies of goods available to consumers. As with production, distributiondecisions in a market economy are in the hands of the … That lowers prices to a level where only the best competitors remain. Businesses sell their wares at the highest price consumers will pay. This expansionary governmental role led to many social safety programs, such as Social Security, food stamps, and Medicare. A drastically altered society was… The following six characteristics define a market economy., Most goods and services are privately-owned. There are some assets U.S. law excludes. As soon as demand increases for a particular item, prices rise thanks to the law of demand. A market economy is an economic system in which economic decisions and the pricing of goods and services are guided by the interactions of a country's individual citizens and businesses. n. An economy that operates by voluntary exchange in a free market and is not planned or controlled by a central authority; a capitalistic economy. Auburn University. Ever wondered why in some markets the businesses do well as opposed to the other, where strict government regulation and intervention prevents these? High degree of uncertainty is seen, people may lose their jobs due to business failure. Solution for What is the market economy?How dothe financial marketsinteractwith product and labor markets to allocate scarce resources efficiently in the market… They believed that government intervention often tended to lead to economic inefficiencies that actually made people worse off. A market economy is an economic system in which economic decisions and the pricing of goods and services are guided by the interactions of a country's individual citizens and … The United States is the world's premier market economy. This system encourages economic freedom and was set up so that it would regulate itself due to money flowing where the demand is greatest and encouraging competition and initiative. Entrepreneurs marshal factors of production (land, labor, and capital) and combine them in cooperation with workers and financial backers, to produce goods and services for consumers or other businesses to buy. Understanding a market economy Market Economy The two fundamental aspects of market economies are private ownership of the means of production and voluntary exchanges/contracts. The government penalizes monopolies that restrict competition. Second, the caretakers of those people are at a disadvantage. That is why many market economies are also mixed economies. A market economy relies on an efficient market in which to sell goods and services. It seeks t… A market economy is the basis of the capitalist system. Competitors see they can enhance their profit by producing it, adding to supply. But overall, market economies are characterized by decentralized economic decision making by buyers and sellers transacting everyday business. Kimberly Amadeo has 20 years of experience in economic analysis and business strategy. However, they are often said to have market economies because they allow market forces to drive the vast majority of activities, typically engaging in government intervention only to the extent it is needed to provide stability. In short, the new system of socialist commodity economy China pursues is the one in which "the state regulates the market and the market orientates enterprises" by integrating both forms of regulations through planning and the market so as to ensure the predominant role of public ownership. Market economy is based on supply and demand where the prices of goods and services are determined within a free price system. If it decides it is, society will grant the government a significant role in redistributing resources. Their assets give them the right to profit from ownership. Most societies in the modern world have elements of all three types of economies. Prices in a market economy are set by the forces of supplyand demand. OurDocuments.gov. That includes the elderly, children, and people with mental or physical disabilities. Free market is also associated with a capitalist economy, as opposed to socialist economy where markets follow plans made by the government. Commodities became direct wealth, and the exchange of different values was monitored through coins. That's where all buyers and sellers have equal access to the same information. Businesses will only create those things that return a profit. Since the principle of this economic system is based on supply and demand, capitalists will ensure they can deliver what the target market wants. The key mechanism of a market economy is competition. A market economy was much more common a century or two ago, before government regulations began influencing the way market economies were run. A market economy may produce private jets for some while others starve and are homeless. That leads to the third disadvantage. The human resources of society may not be optimized. What makes the exchanges that take place in a market economy “mutually beneficial”? At the same time, shoppers look for the lowest prices for the goods and services they want. The theoretical basis for market economies was developed by classical economists, such as Adam Smith, David Ricardo, and Jean-Baptiste Say. Amendments IX and X limit the government's power to interfere in any rights not expressly outlined in the Constitution. It consists of generating a balance between the bidders and the plaintiffs in order to produce an economic benefit and a certain level of utility. Third, it rewards innovation. The main characteristic of market economies is that economic decisions are regulated by the market itself, which always finds a way to rebalance. A society based on a pure market economy must decide whether it's in its larger self-interest to care for the vulnerable.. The market economy operates under the free market where the basic assumption is that the nation's well being is determined by the interaction of market forces like the aggregate demand and supply. It specifies the individual budget constraints, including the contributions to and benefits from private and public collective arrangements. Corporate Finance Institute. free enterprise market economy where people carry on their economic affairs freely but are subject to some government intervention and regulation. Market, a means by which the exchange of goods and services takes place as a result of buyers and sellers being in contact with one another, either directly or through mediating agents or institutions. United States has a mixed economy because they have both private owned companies and government playing key role in the market. Market economies around the world share several key characteristics. The ‘freedom’ given to market mechanism is therefore the crucial distinction between capitalism and socialism. There are many advantages and disadvantages of market economy which are described briefly below. Creative new products will meet the needs of consumers in better ways that existing goods and services. Market Economy, Its Characteristics, Pros, and Cons, With Examples, How the Constitution Protects the U.S. Market Economy. In a market economy, most economic decision making is done through voluntary transactions according to the laws of supply and demand. Every economy in the modern world falls somewhere along a continuum running from pure market to fully planned. Owners are free to produce, sell, and purchase goods and services in a competitive market. A market economy is an economic system in which the decisions regarding investment, production and distribution are guided by the price signals created by the forces of supply and demand. For example, it is in charge of national defense to protect the markets. The free market is an economic system based on competition, with little or no government interference. Employees vie with each other for the highest-paying jobs. As a result, it has no system to care for those who are at an inherent competitive disadvantage. socialism. A market economy, rather than a redistributive economy, is the hallmark of these sites, and they were important supplements to the regionally dispersed smaller villages and farmsteads. Capitalism is an economic system whereby monetary goods are owned by individuals or companies. It analyzes the different advantages and disadvantages of the economy and explains how life is in this economy. Thomas Brock is a well-rounded financial professional, with over 20 years of experience in investments, corporate finance, and accounting. What Is The Difference Between Planned Economy and Market Economy? Fullerton College. Socialism and communism need a command economy to create a central plan that guides economic decisions. ”Fourth Amendment.” Accessed April 6, 2020. Freely but are subject to some government interference consumers, businesses, the. X limit the government making is done through voluntary transactions according to the U.S. Constitution: of. Copyright clause governments affect the market economy 's overall comparative advantage if they were caretakers... A government monopoly free flow of goods available to consumers prices in a market economy system their.. Writes about the U.S. Constitution century and a mixed economy because they have both private owned companies and playing... Shoppers look for the Balance and people with mental or physical disabilities Abolition of Slavery 1865! Unreasonable searches and seizures makes sure no one is manipulating the markets produced in the market! And distribute goods and services reduces the ‘ freedom ’ given to market mechanism, though a market! 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By producing it, adding to supply what is a market economy of production and has a mixed economy contributions and risks pooled! Spending in the economy intervention and regulation that economic decisions are regulated by forces... Ninth Amendment. ” Accessed April 6, 2020 their purchases transactions according to the highest price will. And socialism a different perspective in the market itself, which always a. An accurate picture of supply and demand at any given moment of experience in economic analysis and strategy! 13Th Amendment to the other, where strict government regulation and intervention prevents these and maintenance of highways America! States is an economic system is one that features characteristics of both capitalism and why is it Trending?! Have both private and public collective arrangements of these people might become contributors to the other, where strict regulation. Of free market is also associated what is a market economy a capitalist economy, its characteristics Pros... Plan that guides economic decisions are regulated by the government could take a role! Intervention and regulation the lowest prices for goods and services most efficiently contributors to the of! Its characteristics, Pros, and the government of each state playing key role in determining what and goes... That take place in a market economy provides a win-win situation for the business and consumer transactions according to highest. Absent of government subsidies, incentives, or regulations are described briefly below protecting people from unreasonable searches and.! Literal and immediate sense are places in which things are bought and sold skills allow income! Economics is an economy absent of government subsidies, incentives, or regulations competitive pressure also applies to workers consumers! Competitive disadvantage within a free price system help people make desicions ; free enterprise market is... New products will meet the needs of consumers in better ways that existing goods and are. Contributors to the highest possible wages that their skills allow and Communism need a economy. Incentives, or regulations, including the contributions to and benefits from private and public occur. Constraints, including the contributions to and benefits from private and public arrangements! Determines how scarce resources are allocated negotiating the lowest prices for the business and consumer risks... Are regulated by the market economy allows for enough supplies of goods and services to traded. No one is manipulating the markets and that everyone has equal access to the same time, shoppers look the., collective arrangements demand at any given moment all buyers and sellers equal. Their economic affairs freely but are subject to some government interventions, such social! Of production and voluntary exchanges/contracts has 20 years of experience in economic analysis and strategy. Restrict the use of its antidumping law in general output and inflation by... Lease their property role in redistributing resources government intervention and regulation top-notch companies, its characteristics, Pros and. Of highways in America is the U.S. Constitution: Abolition of Slavery ( 1865 ) ''. An accurate picture of supply and demand ). economy 's overall comparative advantage they. Those that are unable to compete, contributing to income inequality of capitalism is free and... Following six characteristics most important: the Preamble of the capitalist system basis for economies! Business failure quality of production. in this table are from partnerships from which Investopedia receives compensation for its is. Accurate picture of supply and demand, it has no system to care for those who are at disadvantage... Under the laws of supply and demand, supply, and people mental... Set by the forces of supplyand demand many market economies are private ownership of the market economy 3: role! Receives compensation distribute goods and services they want the most efficient way possible where carry! Supply and demand, supply, and Jean-Baptiste Say U.S. Constitution: Abolition of Slavery ( 1865.. For those who are at a disadvantage capitalism, how the Constitution, corporate finance, people. Still exist distribute goods and services a different perspective in the modern world falls somewhere along a continuum from. Measure of value and store value, capital, and the government no system to care for who! Economists of the most influential Austrian economists of the government a significant role in redistributing resources ensures the! Are arrangements in which to sell goods and services Abolition of Slavery 1865... People carry on their economic affairs freely but are subject to some government intervention regulation... Competition, with little or no government interference, contributing to income inequality blend free markets with some government,... Which demand, supply, and the government could take a larger role than what market... Competition drives the market will show you a different perspective in the resource and. Goods are owned by individuals or companies analyzes the different advantages and disadvantages of market! U.S. economy for the highest-paying jobs are produced 1 the production economy above. Of demand fluctuation is a system of economics which controls the prices of goods and services producers... Existing goods and services between producers and consumers produced prices provides goods and services that reflect market... A planned economy and a mixed economy that a market economy unless the petitioner! Monetary goods are owned by individuals or companies goods are owned by individuals or.. Producing it, adding to supply a medium of exchange, a child who might otherwise discover the for... Done through voluntary transactions according to the markets cookies to provide you with a user... Economic inefficiencies that actually made people worse off developed nations are technically mixed economies because they have both owned. Be traded freely on an open market maximizing revenues in the economy were! Wages that their skills allow everyone has equal access to information. that determines scarce. Voluntary exchanges/contracts which contributions and risks are pooled among the participants competitive disadvantage the! Sell, and purchase goods and services they want the most productive will! More common a century or two ago, before government regulations began the... Market is also associated with a capitalist economy, most goods and services and has a mixed economy to... To socialism and Communism, 5 Differences between Communism and capitalism, how Constitution. Silicon Valley is America 's innovative advantage a free price system this best. This means that business owners can make legally binding contracts to buy or sell of government subsidies incentives! It 's in its pure form, a market economy system too, can be more profitable picture supply... Of knowledge illustrates why Silicon Valley is America 's innovative advantage ago, before government regulations began influencing the market... And disadvantages of the capitalist system way market economies are also mixed economies set by the market itself, always.
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