Market Basics - what is a market?
August 24th, 2008
All businesses exist to sell products or services – the term used to describe where these are sold is the Market.
A market is a place where buyers and sellers come together to exchange goods and/or services. Markets may exist in a predefined place – e.g. a shopping mall or virtually such as an online store A market doesn’t cause trade it merely facilitates it
The exchange of goods or services is called a transaction – and markets and their level of transactions are governed by supply and demand a term used to define the level of trade that can or is likely to exist between consumers and traders.
There are many types of markets these include
- Financial Market
- Labour Market
- Housing Market
- Currency market
Markets are a key concept in economics – they may be subject to strict controls or no controls at all (free market)
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