The document discusses the basic economic questions that all systems must answer: 1) What goods and services will be produced? 2) How will they be produced? 3) Who will get the goods and services? It focuses on how a market system answers these questions. A market system relies on private property, competition, and markets to determine: 1) What is produced based on supply and demand. 2) Production uses the least-cost combination of inputs. 3) Goods go to those able and willing to pay for them by exchanging valuable labor or assets.