In a market system, producers are continually seeking new opportunities to satisfy consumer needs.
A market system is a network of buyers, sellers, and other actors who come together to market a certain product or service. The actors involved in the market system include: Direct market actors such as producers, buyers and consumers, who direct economic activities in the market.
The United States, Great Britain, and Japan are all examples of market economies. In addition, a command economy is organized by a centralized government that owns most, if not all, of the businesses and where government officials direct all factors of production.
The market system works by producing what consumers want for the least cost. These wants are communicated by the prices that consumers are willing to pay for products and services.
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