Market: Difference between revisions
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'''Market''' is a means by which the [[exchange]] of [[good]]s and services takes place as a result of buyers and sellers being in contact with one another, either directly or through mediating agents or institutions.<ref name="Britannica_market">Encyclopædia Britannica. [http://www.britannica.com/EBchecked/topic/365647/market "market. (2011)."], referenced 2011-09-06.</ref> | '''Market''' is a means by which the [[exchange]] of [[good]]s and services takes place as a result of buyers and sellers being in contact with one another, either directly or through mediating agents or institutions. | ||
Markets in the most literal and immediate sense are places in which things are bought and sold. In the modern industrial system, however, the market is not a place; it has expanded to include the whole geographical area in which sellers compete with each other for customers.<ref name="Britannica_market">Encyclopædia Britannica. [http://www.britannica.com/EBchecked/topic/365647/market "market. (2011)."], referenced 2011-09-06.</ref> | |||
{{See also|Free market}} | |||
==References== | ==References== | ||
Latest revision as of 15:51, 6 September 2011
Market is a means by which the exchange of goods and services takes place as a result of buyers and sellers being in contact with one another, either directly or through mediating agents or institutions.
Markets in the most literal and immediate sense are places in which things are bought and sold. In the modern industrial system, however, the market is not a place; it has expanded to include the whole geographical area in which sellers compete with each other for customers.[1]
See also: Free market
References
- ↑ Encyclopædia Britannica. "market. (2011).", referenced 2011-09-06.