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CIMA C04 Fundamentals of Business Economics The market system and the competitive process

CIMA C04 Fundamentals of Business Economics The market system and the competitive process

CIMA C04 Fundamentals of Business Economics The market system and the competitive process: market system is any systematic process enabling many market players to bid and ask: helping bidders and sellers interact and make deals. It is not just the price mechanism but the entire system of regulation, qualification, credentials, reputations and clearing that surrounds that mechanism and makes it operate in a social context.

Because a market system relies on the assumption that players are constantly involved and unequally enabled, a market system is distinguished specifically from a voting system where candidates seek the support of voters on a less regular basis. However, the interactions between market and voting systems are an important aspect of political economy, and some argue they are hard to differentiate, e.g. systems like cumulative voting and runoff voting involve a degree of market-like bargaining and trade-off, rather than simple statements of choice.

In economics, market forms are studied. These look at the impacts of a particular form on larger markets, rather than technical characteristics of how bidders and sellers interact.

Heavy reliance on many interacting market systems and different forms of markets is a feature of capitalism, and advocates of socialism often criticize markets and aim to substitute markets with economic planning to varying degrees. Competition is the regulatory mechanism of the market system. This article does not discuss the political impact of any particular system nor applications of a particular mechanism to any particular problem in real life. For more on specific types of real-life markets, see commodity markets, insurance markets, bond markets, energy markets, flea markets, debt markets, stock markets, online auctions, media exchange markets, real estate market, each of which is explained in its own article with features of its application, referring to market systems as such if needed. One of the most important characteristics of a market economy, also called a free enterprise economy, is the role of a limited government.

CIMA C04 Fundamentals of Business Economics The market system and the competitive process : 

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CIMA C04 Fundamentals of Business Economics The market system and the competitive process :

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