Market
Market is a medium in which buyers and sellers of a specific product interact in order to facilitate an exchange:
- For a buyer, market is also an aggregate of all products that this buyer would like to buy;
- For a seller, market is also an aggregate of all buyers who are willing to buy a particular product that this seller sells.
Market can also be defined as some space, virtual or physical, in which sellers (a) search for buyers and buyers search for sellers, (b) negotiate prices, and (c) make deals. Market competitiveness refers to the ratio of buyers and sellers of a particular product.
Definition
According to Principles of Economics by Timothy Taylor (3rd edition),
- Market. An institution that brings together buyers and sellers of goods or services.
