market system

Definition

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.

Use market system in a sentence

  • The market system was efficient in promoting trade and exchange of goods and services between the market sellers and buyers.

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  • In school, instead of paying attention to math, I studied the market system because I would one day work on wall street.

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  • You need to know how things work in the market system you are in so that you can fully take advantage of them.

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