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+--- Thread: What is a market system? (/thread-124379.html)
What is a market system? - luna - 04-03-2014 09:08 AM
Is it the same as a market economy?
- Caryn Tobler - 04-03-2014 09:13 AM
They are not the same. A market system refers to the social network that permits interaction between buyers and sellers. It includes all the rules and regulations, the reputations and credentials of the companies and individuals involved. The market system is where market players bid and ask. Auctions, rationing, black market and free market, real estate market, stock market and others are types of market systems whereas a market economy refers to an economic system in which economic decisions and the pricing of goods and services are guided solely by the aggregate interactions of a country's citizens and businesses and there is little government intervention or central planning.