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Encyclopedia > Market
Look up Market in
Wiktionary, the free dictionary.

A market is a social arrangement that allows buyers and sellers to discover information and carry out a voluntary exchange of goods or services. It is one of the two key institutions that organize trade, along with the right to own property. In everyday usage, the word "market" may refer to the location where goods are traded, sometimes known as a marketplace, or to a street market. Wikipedia does not have an article with this exact name. ... Wiktionary (a portmanteau of wiki and dictionary) is a multilingual, Web-based project to create a free content dictionary, available in over 150 languages. ... The ASCII codes for the word Wikipedia represented in binary, the numeral system most commonly used for encoding computer information. ... Good. ... Services are: plural of service Tertiary sector of industry IRC services Web services the name of a first-class cricket team in India This is a disambiguation page — a navigational aid which lists other pages that might otherwise share the same title. ... This article or section does not adequately cite its references or sources. ... // Use of the term The concept of property or ownership has no single or universally accepted definition. ... A marketplace is the space, actual or metaphorical, in which a market operates. ... A street market is an outdoor market such as traditionally held in a market square in a market town, and are often held only on particular days of the week. ...

Contents

Function

A street market in Aix-en-Provence
A street market in Aix-en-Provence

The function of a market requires, at a minimum, that both parties expect to become better off as a result of the transaction. Markets generally rely on price adjustments to provide information to parties engaging in a transaction, so that each may accurately gauge the subsequent change of their welfare. In less sophisticated markets, such as those involving barter, individual buyers and sellers must engage in a more lengthy process of haggling in order to gain the same information. Markets are efficient when the price of a good or service attracts exactly as much demand as the market can currently supply. The chief function of a market, then, is to adjust prices to accommodate fluctuations in supply and demand in order to achieve allocative efficiency. An economic system in which goods and services are exchanged by market functions is called a market economy. An alternative economic system in which non-market forces (often government mandates) determine prices are called planned economies or command economies. The attempt to combine socialist ideals with the incentive system of a market is known as market socialism. Image File history File links Metadata No higher resolution available. ... Image File history File links Metadata No higher resolution available. ... Aix (prounounced eks), or, to distinguish it from other cities built over hot springs, Aix-en-Provence is a city in southern France, some 30 km north of Marseille. ... In economics and business, the price is the assigned numerical monetary value of a good, service or asset. ... Welfare economics is a branch of economics that uses microeconomic techniques to simultaneously determine the allocational efficiency of a macroeconomy and the income distribution associated with it. ... Barter is a type of trade in which goods or services are exchanged for other goods and/or services; no money is involved in the transaction. ... Haggling is the process of negotiating the price of something (eg, an piece of merchandise or a service) with the intent of getting a better deal than the stated price. ... Economic efficiency is a general term for the value assigned to a situation by some measure designed to capture the amount of waste or friction or other undesirable economic features present. ... The supply and demand model describes how prices vary as a result of a balance between product availability at each price (supply) and the desires of those with purchasing power at each price (demand). ... Look up supply in Wiktionary, the free dictionary. ... Allocative efficiency is the market condition whereby resources are allocated in a way that maximizes the net benefit attained through their use. ... This article needs additional references or sources to facilitate its verification. ... A planned economy is an economic system in which economic decisions are made by centralized planners, who determine what sorts of goods and services to produce, and how they are to be priced and allocated. ... Socialism refers to a broad array of doctrines or political movements that envisage a socio-economic system in which property and the distribution of wealth are subject to control by the community. ... Market socialism is a term used to define a number of economic system(s) in which the means of production are owned either by the state or by the workers collectively, however unlike traditional socialism there is market that is directed and guided by socialist planners. ...


Types of markets

Although many markets exist in the traditional sense--such as a flea market--there are various other types of them and various organizational structures to assist their functions. This article does not cite its references or sources. ...


A market can be organized as an auction, as a shopping center, as a complex institution such as a stock market, and as an informal discussion between two individuals. This article or section does not adequately cite its references or sources. ... A stock market is a market for the trading of company stock, and derivatives of same; both of these are securities listed on a stock exchange as well as those only traded privately. ...


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 taxes, subsidies, minimum wages, price ceilings, etc. Markets may be distorted by a seller or sellers with monopoly power, or a buyer with monopsony power. 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. Laissez-faire is short for laissez faire, laissez passer, a French phrase meaning to let things alone, let them pass. First used by the eighteenth century Physiocrats as an injunction against government interference with trade, it is now used as a synonym for strict free market economics. ... A free market is an idealized market, where all economic decisions and actions by individuals regarding transfer of money, goods, and services are voluntary, and are therefore devoid of coercion and theft (some definitions of coercion are inclusive of theft). Colloquially and loosely, a free market economy is an economy... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        A tax is a financial charge or other levy imposed on... In economics, a subsidy is generally a monetary grant given by a government to lower the price faced by producers or consumers of a good, generally because it is considered to be in the public interest. ... The minimum wage is the minimum rate a worker can legally be paid (usually per hour) as opposed to wages that are determined by the forces of supply and demand in a free market. ... Non-binding price ceiling Pricing, quantity, and welfare effects of a binding price ceiling A price ceiling is a government-imposed limit on how high a price can be charged on a product. ... A monopoly (from the Greek language monos, one + polein, to sell) is defined as a persistent market situation where there is only one provider of a product or service, in other words a firm that has no competitors in its industry. ... In economics, a monopsony (from Ancient Greek μόνος (monos) single + ὀψωνία (opsōnia) purchase) is a market form with only one buyer, called monopsonist, facing many sellers. ... Market failure is a term used by economists to describe the condition where the allocation of goods and services by a market is not efficient. ...


Most markets are regulated by state wide laws and regulations. While barter markets exist, most markets use currency or some other form of money. Lady Justice or Justitia is a personification of the moral force that underlies the legal system (particularly in Western art). ... Barter is a type of trade in which goods or services are exchanged for other goods and/or services; no money is involved in the transaction. ... Various denominations of currency, one form of money Money is any good or tokens that functions as a medium of exchange that is socially and legally accepted in payment for goods and services and in settlement of debts. ...


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 markets, 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. It has been suggested that this article or section be merged into underground economy. ... This article is about online auction centre. ...


See also

the trading floor of the New York Stock Exchange
the trading floor of the New York Stock Exchange

The date of this image, (obtained from the file name of the source image) appears to be 6 April 2001. ... The date of this image, (obtained from the file name of the source image) appears to be 6 April 2001. ... The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ... Roadside farmers market in Bridgehampton, New York Dutch bell peppers at a farmers market in Montpelier, Vermont A farmers market near the Potala Palace in Lhasa, Tibet. ... In economics a financial market is a mechanism that allows people to easily buy and sell (trade) financial securities (such as stocks and bonds), commodities (such as precious metals or agricultural goods), and other fungible items of value at low transaction costs and at prices that reflect efficient markets. ... This Flagship Randalls store in Houston, Texas is an example of a supermarket. ... A stock market is a market for the trading of company stock, and derivatives of same; both of these are securities listed on a stock exchange as well as those only traded privately. ... A media market, broadcast market, media region, designated market area, DMA or simply market is a region where the population can receive the same (or similar) television and radio station offerings, and may also include other types of media including newspapers and Internet content. ... A marketplace is the space, actual or metaphorical, in which a market operates. ... A street market is an outdoor market such as traditionally held in a market square in a market town, and are often held only on particular days of the week. ... The Market square (or sometimes the market place) is a feature of many British and other European towns. ... The market town is a medieval phenomenon. ... // “Customize”- to modify (something) according to a customer’s individual requirements[1]. Mass production no longer seems suitable for today’s market and is being replaced by mass customization. ... Market Microstructure is a branch of economics concerned with the functional setup of a market. ...

External links

  • Qualitionary - Legal Definitions - Market

References

  • Microeconomics by Robert S. Pindyck, Daniel L. Rubinfeld

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