5/5 Pranab S. 5 years ago on Google
A market is
one
of
the
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
by
which
the
prices
of
goods
and
services
are
established.
Markets
facilitate trade and
enable
the
distribution
and resource
allocation in
a
society.
Markets
allow
any
trade-able
item
to
be
evaluated
and priced.
A
market emerges more
or
less spontaneously or
may
be
constructed
deliberately
by
human
interaction
in
order
to
enable
the
exchange
of
rights
(cf. ownership)
of
services
and
goods.
Markets
generally
supplant
gift
economies
and
are
often
held
in
place
through
rules
and
customs,
such
as
a
booth
fee,
competitive
pricing,
and
source
of
goods
for
sale
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