Write a short note on Market System
Answers
The advantages of a market economy include increased efficiency, productivity, and innovation. In a truly free market, all resources are owned by individuals, and the decisions about how to allocate such resources are made by those individuals rather than governing bodies.
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Answer:
A market system is the network of buyers, sellers and other actors that come together to trade in a given product or service.
The participants in a market system include:
Direct market players such as producers, buyers, and consumers who drive economic activity in the market
Suppliers of supporting goods and services such as finance, equipment and business consulting
Entities that influence the business environment such as regulatory agencies, infrastructure providers and business associations
A market system can be specific to a product (coffee, mangoes, dairy) or a cross-cutting sector (finance, labor, business development services). A market system’s strength depends on how well the participants obtain financing, launch businesses and adopt new technologies and best practices.