PrepareMarket · 1 min read
Definition of Market
Definition of Market
A market is any way that people who want to buy things and people who want to sell things talk to each other to do business.
A market is any arrangement, means or device which brings buyers and sellers into close contact in order to trade.
It is just a path or system that allows a buyer and a seller to meet and exchange goods for money.
It may be a fixed place, like the big Oshodi market in Lagos where people stand under stalls to sell.
It can also be a device such as the internet where you buy things on your phone, or a formal institution such as the stock exchange where people buy and sell company shares.
Key points
- •A market is an arrangement, means, or device that connects buyers and sellers for trading.
- •The primary function of a market is to facilitate trade between buyers and sellers.
- •A market can be a physical location, like Oshodi market.
- •Markets can also be non-physical, such as the internet or institutions like the stock exchange.