Market

In general parlance, a market is a location where those willing to pay a price for something meet those willing to sell it. In marketing, a market is the sum total of potential buyers of a product.

Related Topics:
Marketing - Product

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In economics, a market is a mechanism which allows people to trade, normally governed by the theory of supply and demand, and thereby allocates resources through a price mechanism. It typically involves a bid and ask process.

Related Topics:
Economics - Trade - Supply and demand - Price mechanism - Bid and ask

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Both general markets (where many commodities are traded) and specialised markets (where only one commodity is traded) exist. Markets work by placing many interested sellers in one "place", thus making them easier to find for prospective buyers. An economy which relies primarily on interactions between buyers and sellers to allocate resources is known as a market economy in contrast either to a command economy or to a non-market economy that is based, e.g., on gifts.

Related Topics:
Market economy - Command economy - Non-market economy

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