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Market
 

 

A market exists when buyers wishing to exchange money for a good or service are in contact with sellers wishing to exchange goods or services for money. Thus, a market is defined in terms of the fundamental forces of supply and demand, and is not necessarily confined to any particular geographical location. The concept of the market is fundamental to most contemparary economics, since in a free market economy this is the mechanism by which resources are allocated.

Reference: The Penguin Dictionary of Economics, 3rd edt.