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The entry gives a pretty good general overview.
Basically each world would have a space station, and you'd travel between space stations buying and selling in order to make a profit (eg buy computers at a high tech world, take them to a low tech world and sell them, then buy food and take them elsewhere). Some products were illegal in certain worlds (firearms, drugs, slaves, etc, were usually illegal, while other things like furs might also be illegal depending on the world) - illegal products resulted in more cash, but were also riskier to deal in. Then you'd have to deal with pirates, bounty hunters (if you were a smuggler), and so on.
To really break it down to the basics, the game consisted of: Buy X, fly to A, sell X, buy Y, fly to B, sell Y, buy Z. The game them threw in other things to keep you busy along the way.
It's an old game (published in 1984) and conceptually very simple, but it had a lot of replay value.
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