Market

Tim's definition: A market is a network of buyers and sellers. Simply that, a space containing people or entities who want to buy "X" and people or entities who want to sell "X", related in some ways. No buyers, no market. No sellers no market. No products, no market.

There are lots of different kinds of markets. The stock market, very much on the minds of everybody now. But there's the oil market, food market, real estate market, clothing market, so on and so forth. A market is said to exist whenever anything wants to be sold and there are buyers who want to buy it. A broker is someone who brings together a willing seller and a willing and able buyer.

Wikipedia, the free, on-line encyclopedia says in a longer and more complicated way:

In mainstream economics, the concept of a market is any structure that allows buyers and sellers to exchange any type of goods, services and information. The exchange of goods or services for money is a transaction. Market participants consist of all the buyers and sellers of a good who influences its price. This influence is a major study of economics and has given rise to several theories and models concerning the basic market forces of supply and demand. There are two roles in markets, buyers and sellers. The market facilitates trade and enables the distribution and allocation of resources in a society. Markets allow any tradable item to be evaluated and 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.

You might also see the word "market" mean a food store or an outside area where stuff is sold. They're all markets. A lot of markets now are virtual spaces, not actual spaces as in Medieval England.

What do you think? I'd like to know. Post a comment.

Entrepreneurship informs all my professional activities. My ideas on entrepreneurial real estate, go to www.yourstopforrealestate.com and for entrepreneurial writing to www.kearneymusicschoolmurders.blogspot.com