A hub system is a very busy system in EVE where a lot of pilots come together to fly missions, sell, buy and produce, thus a broad variety of items can be found in a hub system. Minerals fetch better prices in hub systems than in most other places because people like to produce right where the customers are, in order to get rid of the hassle of hauling items.
Hub systems are often the cause of lag in the game because of the sheer number of pilots in one place at one time.
The most (in)famous hub is probably Jita, in The Forge, where it is said people have spent weeks simply flying to a station, let alone docking, undocking, and getting to a stargate. It probably isn't helped by the fact that Jita has a large number of gates -- 7, 2 of them to other regions (The Citadel and LoneTrek) and another of which leads to an island of systems with no other way out, so that anyone going that way has to come back through Jita.
CCP make repeated efforts to alleviate the Jita problem :: new stargates make it possible now to avoid some of the routes which formerly required passing through Jita, and additional server space is supposed to be dedicated to the system, but the historical impetus which drew people to Jita has meant that the system is established as the "number one" hub in most people's minds, and so capsuleers still flock there for the facility they believe that it affords.
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