Production of technology goods in large quantity is one of the major technological development that has changed life in New Mexico because of large quantity of technology goods are exported to other countries which improves the standard of life and economic condition of the citizens of New Mexico. This large production needs huge amount of labor which also decreases the unemployment rate as well as economy of the country because by exporting these goods, money is earned which able the country to be strong financially.
The economy you described in your question is called a market economy. It has free markets and the production of goods and services are determined by the consumers.
