A market is one of many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange. While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services (including labor) in exchange for money from buyers. It can be said that a market is the process in which the prices of goods and services are established.

For a market to be competitive, there must be more than a single buyer or seller. It has been suggested that two people may trade, but it takes at least three persons to have a market, so that there is competition on at least one of its two sides. However, competitive markets rely on much larger numbers of both buyers and sellers. A market with single seller and multiple buyers is a monopoly. A market with a single buyer and multiple sellers is a monopsony. These are the extremes of imperfect competition.

Markets vary in form, scale (volume and geographic reach), location, and types of participants, as well as the types of goods and services traded. Examples include:

• Physical retail markets, such as local farmers' markets (which are usually held in town squares or parking lots on an ongoing or occasional basis), shopping centers and shopping malls
• (Non-physical) internet markets (see electronic commerce)
• Ad hoc auction markets
• Markets for intermediate goods used in production of other goods and services
• Labor markets
• International currency and commodity markets
• Stock markets, for the exchange of shares in corporations
• Artificial markets created by regulation to exchange rights for derivatives that have been designed to ameliorate externalities, such as pollution permits (see carbon trading)
• Illegal markets such as the market for illicit drugs, arms or pirated products

In mainstream economics, the concept of a market is any structure that allows buyers and sellers to exchange any type of goods, services and information. The exchange of goods or services for money is a transaction. Market participants consist of all the buyers and sellers of a good who influence its price. This influence is a major study of economics and has given rise to several theories and models concerning the basic market forces of supply and demand. There are two roles in markets, buyers and sellers. The market facilitates trade and enables the distribution and allocation of resources in a society. Markets allow any tradable item to be evaluated and priced. A market emerges more or less spontaneously or is constructed deliberately by human interaction in order to enable the exchange of rights (cf. ownership) of services and goods.

Historically, markets originated in physical marketplaces which would often develop into — or from — small communities, towns and cities.

Noun

market (plural markets)

1. City square or other fairly spacious site where traders set up stalls and buyers browse the merchandise.

   The crowds at the market were quite noisy.

   We're going to the market to get some fresh vegetables and fruits.

2. An organised, often periodic, trading event at such site

   The privilege to hold a weekly market was invaluable for any feudal era burgh

   • The market is a process, actuated by the interplay of the actions of the various individuals cooperating under the division of labor.

     Definition used by famous economist of the Austrian school, Ludwig Von Mises, in his book Human Action.

3. A group of potential customers for one's product.

   We believe that the market for the new widget is the older homeowner.

4. A geographical area where a certain commercial demand exist

   Foreign markets were lost as our currency rose versus their valuta

5. A formally organized, sometimes monopolistic, system of trading in specified goods or effects

   The stock market ceased to be monopolized by the paper-shuffling national stock exchanges with the advent of Internet markets

6. The sum total traded in a process of individuals trading for certain commodities.

Synonyms

• bazaar
• fair
• mart

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