Economic Market

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An Economic Market is a decisioning system that facilitates the exchange of economically valuable items (of purchasable items) between economic agents via economic market transactions between buyers and sellers.



References

2024

  • (Wikipedia, 2024) ⇒ https://en.wikipedia.org/wiki/Market_(economics) Retrieved:2024-5-14.
    • In economics, a market is a composition of systems, institutions, procedures, social relations or 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 labour power) to buyers in exchange for money. It can be said that a market is the process by which the prices of goods and services are established. Markets facilitate trade and enable the distribution and allocation of resources in a society. Markets allow any tradeable item to be evaluated and priced. A market emerges more or less spontaneously or may be constructed deliberately by human interaction in order to enable the exchange of rights (cf. ownership) of services and goods. Markets generally supplant gift economies and are often held in place through rules and customs, such as a booth fee, competitive pricing, and source of goods for sale (local produce or stock registration).

      Markets can differ by products (goods, services) or factors (labour and capital) sold, product differentiation, place in which exchanges are carried, buyers targeted, duration, selling process, government regulation, taxes, subsidies, minimum wages, price ceilings, legality of exchange, liquidity, intensity of speculation, size, concentration, exchange asymmetry, relative prices, volatility and geographic extension. The geographic boundaries of a market may vary considerably, for example the food market in a single building, the real estate market in a local city, the consumer market in an entire country, or the economy of an international trade bloc where the same rules apply throughout. Markets can also be worldwide, see for example the global diamond trade. National economies can also be classified as developed markets or developing markets.

      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, with or without money, is a transaction. [1] Market participants or economic agents consist of all the buyers and sellers of a good who influence its price, which is a major topic of study of economics and has given rise to several theories and models concerning the basic market forces of supply and demand. A major topic of debate is how much a given market can be considered to be a "free market", that is free from government intervention. Microeconomics traditionally focuses on the study of market structure and the efficiency of market equilibrium; when the latter (if it exists) is not efficient, then economists say that a market failure has occurred. However, it is not always clear how the allocation of resources can be improved since there is always the possibility of government failure.

2012

  • http://en.wikipedia.org/wiki/Market
    • A market is one of 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.

      For a market to be competitive, there must be more than a single buyer or seller. It has been suggested that two people may trade, but it takes at least three persons to have a market, so that there is competition on at least one of its two sides.

      However, competitive markets rely on much larger numbers of both buyers and sellers. A market with single seller and multiple buyers is a monopoly. A market with a single buyer and multiple sellers is a monopsony. These are the extremes of imperfect competition.

      Markets vary in form, scale (volume and geographic reach), location, and types of participants, as well as the types of goods and services traded. Examples include:

    • 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 influence 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.

      Historically, markets originated in physical marketplaces which would often develop into — or from — small communities, towns and cities.[citation needed]

1944

  • (Hayek, 1944) ⇒ Friedrich Hayek. (1944). "The Road to Serfdom."
    • NOTE: It argued for the importance of free markets and price signals in conveying information and coordinating economic activity, cautioning against central planning and excessive government control.

1936

  • (Keynes, 1936) ⇒ John Maynard Keynes. (1936). "The General Theory of Employment, Interest and Money.” In: Book Publication.
    • NOTE: It introduced the concept of aggregate demand and its influence on economic output and employment, advocating for government intervention in markets during economic downturns.

1890

  • (Marshall, 1890) ⇒ Alfred Marshall. (1890). "Principles of Economics."
    • NOTE: It provided a comprehensive analysis of market equilibrium, price elasticity, consumer and producer surplus, and the role of time in market adjustments.

1776

  • (Smith, 1776) ⇒ Adam Smith. (1776). "An Inquiry into the Nature and Causes of the Wealth of Nations." In: Book Publication.
    • NOTE: It laid the foundations for understanding how markets operate through the "invisible hand" of self-interest, leading to efficient resource allocation and labor division.

  1. "Transaction", Oxford Dictionaries. Retrieved 25 October 2014.