market

Definition:
Strictly speaking, a physical location where buyers and sellers come together in order to exchange products or services with one another. Over time this concept became extended to include places where buyers and sellers met to exchange a title to goods, particularly in the case of commodities and commodity exchanges. Given improvement in communications, the concept of a market has now come to refer to any situation where buyers and sellers are in communication with one another without the need for any specific physical location designated as a market, e.g. the market for money or shares. In a marketing context the term is also used to designate the demand for a specific product or a specific physical area such as the American market or the Japanese market.

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