The term 'market system' can be interchanged with various synonyms that convey the same meaning. Some synonyms for market system are the market economy, free market system, and the capitalist system. The market system is a means of exchange where buyers and sellers interact to determine the prices of goods and services in a particular market. In a market economy, prices are free to rise or fall based on supply and demand, and businesses are free to compete in the marketplace. In contrast, a command economy is one where government officials allocate resources and control the prices of goods and services. The market system is the backbone of the global economy, making it an essential aspect of human societies worldwide.