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Definitions from the Web

Market System

The market system refers to an economic system where the production, pricing, and distribution of goods and services are determined by the interactions of buyers and sellers in a competitive market.

Examples:

1. The market system allows individuals and businesses to freely trade goods and services based on their own needs and preferences.
2. In a market system, prices are determined by supply and demand dynamics.
3. The market system fosters competition and innovation among producers.

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