What is market?

What is market?

Market is a place where buyers and sellers meet for the purpose of exchanging goods and services for a certain price which may be fixed or negotiable between the buyer and seller. Originally the term 'market' was regarded as a particular common place located in a town or village, where barter or exchange of goods for goods used to take place between people. With the inception of money as an instrument of exchange, the price concept replace the barter system. As of now, with the advent of globalisation and economic liberalisation, the concept of market has expanded to even a virtual place like the internet.