An actual or nominal place where forces of demand and supply operate, and where buyers and sellers interact (directly or through intermediaries) to trade goods, services, or contracts or instruments, for money or barter.
Markets include mechanisms or means for (1) determining price of the traded item, (2) communicating the price information, (3) facilitating deals and transactions, and (4) effecting distribution. The market for a particular item is made up of existing and potential customers who need it and have the ability and willingness to pay for it.
Use market in a sentence
Yesterday I went to to the grocery store and asked a person working there why beef was so expensive. He told me that the market determined the price, and his supplier raised prices, so they had to raise prices on the consumer as well.
The term "free market" is not a naturally occurring phenomenon in economics; it must be created, regulated, stimulated, and at times, restricted by government actors based on its current health at various times.
When developing a new product or service to sell to the public, it is good business sense to consider whether there is a market for it to be successful.