Market
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2008-07-08T06:46:11Z
KeithTimimi
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/* Types of markets */
{{for|the island shared by Finland and Sweden|Märket}}
{{redirect|Mercado|the surname|Mercado (surname)}}
[[Image:Street Market in Aix en Provence.jpg|thumb|A [[street market]] in [[Aix-en-Provence]], [[France]]]]
In [[economics]], the concept of a '''market''' is any structure that allows buyers and sellers to exchange any [[goods]], [[services]] and [[information economy|information]]. The exchange of goods or services for [[money]] is a [[transaction]]. A market consists of all the buyers and sellers of a [[good]] who influences its [[price]]. This influence is the objective of [[economist|economists]] and has given rise to several theories and [[economic models|models]] in economics concerning the basic market forces of [[supply and demand]]. There are two roles in markets, [[buyer]]s and [[seller]]s. The definition implies that at least three actors are needed for a market to exist; at least one actor, on the one side of the market, who is aware of at least two actors on the other side whose offers can be evaluated in relation to each other. The market facilitates [[trade]] and enables the distribution and allocation of goods and services in a society. Markets allows any tradable item to be evaluated and [[price|priced]]. A market emerges more or less spontaneously or is constructed deliberately by human interaction in order to enable the exchange of rights (cf. [[ownership]]) of services and goods.
<br/>The historical origin of markets is the physical [[marketplace|marketplaces]] which would often develop into small communities, towns and cities.
==Types of markets==
[[Image:Customer divider bar.jpg|thumb|In [[supermarket]]s, industrialized countries, such as this one in [[Netherlands]], sellers periodically change prices for classes of goods in response to [[market trends|market condition]]s, rather than negotiating the price of each good with each buyer.]]
Although many markets exist in the traditional sense--such as a [[flea market]]--there are various other types of markets and various organizational structures to assist their functions.
A market can be organized as an [[auction]], as a [[private electronic market]], as a shopping center, as a complex institution such as a [[stock market]], and as an informal discussion between two individuals.
In economics, a market that runs under [[laissez-faire]] policies is a [[free market]]. It is "free" in the sense that the government makes no attempt to intervene through [[tax]]es, [[subsidy|subsidies]], [[minimum wage]]s, [[price ceiling]]s, etc. Market prices may be distorted by a seller or sellers with [[monopoly]] power, or a buyer with [[monopsony]] power. Such price distortions can have an adverse effect on market participant's welfare and reduce the efficiency of market outcomes. Also, the level of organization or negotiation power of buyers, markedly affects the functioning of the market. Markets where price negotiations do not arrive at efficient outcomes for both sides are said to experience [[market failure]].
Most markets are regulated by state wide [[law]]s and [[regulation]]s.
While [[barter]] markets exist, most markets use [[currency]] or some other form of [[money]].
Markets of varying types can spontaneously arise whenever a party has interest in a good or service that some other party can provide. Hence there can be a market for cigarettes in correctional facilities, another for chewing gum in a playground, and yet another for contracts for the future delivery of a commodity. There can be [[black market]]s, where a good is exchanged illegally and virtual markets, such as [[eBay]], in which buyers and sellers do not physically interact. There can also be markets for goods under a command economy despite pressure to repress them.
The market can be divided into several types according to various functions. Most investors prefer investing in two markets, the stock markets and the bond markets. NYSE, AMEX, and the NASDAQ are the most common stock markets in the US.
==See also==
[[Image:Markt Banfora MS 2255.JPG|thumb|right|A [[Farmers' market|produce market]] in [[Banfora]], [[Burkina Faso]]]]
* [[Farmers' market]]
* [[Financial market]]
* [[Grocery store]]
* [[Marketplace]]
* [[Market square]]
* [[Market town]]
* [[Market customization]]
* [[Market economy]]
* [[Market microstructure]]
* [[Media market]]
* [[Stock market]]
* [[Street market]]
* [[Supermarket]]
==References==
Marshall, A. (1961). ''Principles of Economics.'' C. W. Guillebaud, Ed. 2 Vol. London: Macmillan.
==Sources==
* ''Microeconomics'' by Robert S. Pindyck, Daniel L. Rubinfeld
==External links==
{{wiktionary}}
* [http://www.qualitionary.eu/index.php?title=Market Qualitionary - Legal Definitions - Market]
* [http://www.pmefocus.be/index_en.php The EU's Market Access Strategy in a Changing Global Economy]
[[Category:Economics terminology]]
[[Category:Markets| ]]
[[Category:Anthropology]]
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