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 ?
We believe that it is premature to estimate the impact of the Revised Reform Proposal on our future financial results because of uncertainties relating to the rates that the Commissioner will approve for personal automobile insurance for 2005, and our inability at this time to predict reasonably the strategies that Commerce and other companies may pursue in the proposed residual market system that could have a material impact on the residual market deficit, the voluntary agent marketplace, insurers' participation ratios, and other important factors.
adverse changes to the laws, regulations and rules governing the residual market system in Massachusetts;
s common stock will trade on the Nasdaq National Market System under its existing symbol "FCBC.
Market Systems supplies compliance technology and services to measure and audit agency trading activity, thereby fulfilling the SEC regulatory requirement to provide customers with best execution.
an innovator in providing in-memory databases for real-time processing of market data for the financial services industry, announced today that its C3 Database offers a compelling solution to satisfy the technological requirements created by Regulation National Market Systems (RegNMS).
SFB and Track Data are a natural fit," said Arnold Staloff, Chairman of SFB Market Systems.
Founded in 1994, SFB Market Systems has initiated projects based on emerging technologies and has created and managed proprietary systems that provide options pre-market trade data information to markets, trading firms and market data providers globally.
The addition of Market Systems Technology to Novell's global PartnerNet network helps us extend the benefits of SUSE Linux Enterprise platform to financial institutions worldwide.
ATLANTA -- Market Systems Technology's Real-Time Ticker and Message Processing System Available with Concurrent's iHawk(TM) Powered by RedHawk(TM) Linux(R)