What is Market ?
Market is a place where people gather at one place to sell or buy their commodity. The market is a system, an institution and a complete process. Where the entire infrastructure related to it is developed. so that the parties can exchange their goods or services.
Definition
According to Professor Jevons, market means any body of person who are in intimate business relations and carry on extensive transactions in any commodity. According to Mr. Pyle, the market includes both place and region in which buyers and sellers are in free competition with one another.
According to Professor Behham, a market can be any place where buyers and sellers connect with each other. There can be any way for them to connect, whether they are connected directly or through dealers. Prices affect the market. If a price is taken from one place in the market, it will affect the other place in the market as well.
The market has its own infrastructure. In which exchange of goods, services and currency takes place. The market can either be related to a single commodity or it may contain many goods. Or it can be a market for many goods. If the market belongs to a particular commodity, then there are many varieties of that commodity.