of Market Meaning of Market The word market is derived from the Latin word ‘Marcatus’ which means trade, commerce, merchandise, a place where business is transacted. The common usage of market means a place where goods are bought or sold. It is a medium or place to interact and exchange goods and services. In simple words, the meeting place of buyers and sellers in an area is called Market.
Definition of Market The term market defined by different authors in different ways among them the most important are given below. i. According to Pyle “Market includes both place and region in which buyers and sellers are in free competition with one another.” ii. In the words of Clark and Clark “A market is a centre or an area in which the forces leading to exchange title to a particular product operate and towards which the actual goods tend to travel.”