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This system allows people or companies to buy and sell products and services.

a. market
b. economy
c. saturation
d. network

User Mevlut
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1 Answer

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Final answer:

A market is a system that allows people or companies to buy and sell products and services, influenced by supply and demand, within a market economy characterised by private ownership and decision-making.

Step-by-step explanation:

The system that allows people or companies to buy and sell products and services is known as a market. In a market, there is an interaction between potential buyers and sellers, and this combination of demand and supply determines the range of transactions that occur.

Specifically, the market economy is a type of economic system where decisions are decentralized, meaning they are made by private individuals and businesses based on demand, rather than by a central government. Factors such as supply and demand influence the equilibrium price, which is the price at which the quantity supplied matches the quantity demanded. In a market economy, there's often a condition of pure competition, where many producers supply the same product with very few barriers to entry in the market.

User JoshBaltzell
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