market system


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Market Economy

A social and economic system in which prices are fixed by the law of supply and demand rather than by a government or other body. In its pure form, a market economy is an economy absent of government subsidies, incentives, or regulations. A market economy contrasts with both a planned economy and a mixed economy. No economy is a complete market economy: most countries claiming to have market economies in fact have a market economy combined with greater or lesser government regulation, sometimes called a social market. Proponents of a market economy argue that it is more efficient than any alternatives, promotes fair competition between its participants, and rewards skill and hard work. Critics allege that a market economy perpetuates class differences and rewards ruthlessness over actual labor. Milton Friedman, Friedrich Hayek, and Ludwig von Mises were three major 20th-century proponents of the market economy. See also: Capitalism, socialism, John Maynard Keynes.

market system

or

price system

an ECONOMY in which basic decisions about the allocation of resources, which goods and services are produced and in what quantities, are determined by the interaction of buyers and sellers in factor and product MARKETS. See EQUILIBRIUM MARKET PRICE, MARKET CONDUCT, MARKET PERFORMANCE, MARKET STRUCTURE, MARKET STRUCTURE-CONDUCT-PERFORMANCE SCHEMA.

market system

see PRICE SYSTEM.
References in periodicals archive ?
The Western model of modernization consists of three steps: building within clearly defined territorial boundaries that sociologist Emile Durkheim calls a "mechanical social solidarity" around similar national identity; creating an "organic social solidarity" through a national market system of mutual interdependence; and strengthening this social solidarity through state-building.
Trading data on the NASDAQ National Market System is more widely distributed by wire services for dissemination by newspapers and other press.
The company's stock will trade on the NASDAQ National Market System under the symbol HEII.
Securities listed on the National Market System are automatically marginable.
In its request for the exception to the National Market System requirements, Jones Spacelink said that the net losses it had reported in its recent fiscal years were primarily the result of non-cash items such as depreciation and amortization charges, a pervasive situation with publicly traded cable television companies.
As we described in our Quarterly Report on Form 10-Q filed for the second quarter of 2004, the Massachusetts Commissioner of Insurance (the "Commissioner") issued a letter in April instructing Commonwealth Automobile Reinsurers ("CAR") to develop and submit to her rules for the reform of the residual market system.
The National Market System offers real-time, automated market quotes which reflect actual trading activity within seconds after it occurs.
Chimera has already commenced receiving revenues from Market System Inc.
Inclusion in the National Market System provides stockbrokers with last-sale prices and up-to-the- second volume information on Sheffield's common stock.
18 /PRNewswire/ -- CyberOptics Corporation common stock will become part of the NASDAQ National Market System (NMS) on Nov.
I-Flow Corporation (NASDAQ:IFLO) announced today that its common stock will begin trading on the NASDAQ National Market System tomorrow, July 23, 2003.
In another development, Sulcus announced today that it has been approved for listing on the NASDAQ National Market System effective the open of business on Tuesday, Nov.