market system An economic system in which the three basic questions (what to produce, how to producet, and to whom incomes flow) are resolved primarily through the interaction of buyers and sellers pursuing their own self-interest. Related Related Articles: Glossary: circular flow modelGlossary: priceGlossary: price systemCelebrating Wikipedia’s BirthdayHow Reese’s Pieces Are Like Ray-Bans Ann Mills Share This Previous ArticleM1 Next Articleopen market operations December 17, 2020