A market is a mechanism which allows people to trade,
normally governed by the theory of supply and demand. Both
general and specialised markets, where only one commodity
is traded, exist. Markets work by placing many interested
sellers in one place, thus making them easier to find for
prospective buyers. An economy which relies primarily on
interactions between buyers and sellers to allocate resources
is known as a market economy in contrast either to a command
economy or to a non-market economy that is based, e.g.,
The traditional market is a city square where traders set
up stalls and buyers browse the merchandise. This kind of
market is very old, and countless such markets are still
in operation around the whole world. In the USA such markets
fell out of favor, but renewed interest in local food has
cause the reinvention of this type of market, called farmers'
markets, in many towns and cities. An example of a large
market is Chatuchak weekend market in Bangkok. The Roman
term for market, still in use in a related sense, is forum.
In modern times, mainly after the invention of the electronic
computer, markets are not always located in a physical space.
Such virtual markets consist of communication paths where
information exchange is easy and deals may be struck. A
notable example of this is the international currency market.
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