From Mises Wiki, the global repository of classical-liberal thought
Market is a means by which the exchange of goods and services takes place as a result of buyers and sellers being in contact with one another, either directly or through mediating agents or institutions.
Markets in the most literal and immediate sense are places in which things are bought and sold. In the modern industrial system, however, the market is not a place; it has expanded to include the whole geographical area in which sellers compete with each other for customers.
See also: Free market
- ↑ Encyclopædia Britannica. "market. (2011).", referenced 2011-09-06.