Market

A market, or marketplace, is a location where people regularly gather for the purchase and sale of provisions, livestock, and other goods.

In different parts of the world, a market place may be described as a souk (from the Arabic), bazaar (from the Persian), a fixed mercado (Spanish), or itinerant tianguis (Mexico), or palengke (Philippines). Some markets operate daily and are said to be permanent markets while others are held once a week or on less frequent specified days such as festival days and are said to be periodic markets.

Markets have existed for as long as humans have engaged in trade. Informal markets gradually made way for a system of formal, chartered markets across Europe during the Medieval period. Regulation of market place practices gave consumers confidence in the quality of market goods and the fairness of prices. In many countries, shopping at a local market is a standard feature of daily life. The form that a market adopts is dependent on the population, culture, ambient and geographic conditions of the market's locality.

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A market is one of the many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange. While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services (including labor) in exchange for money from buyers. It can be said that a market is the process by which the prices of goods and services are established.

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