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Market

MAR-kit /ˈmɑːrkɪt/

nounverbA2

GeneralFormal

(noun) A place where buyers and sellers meet to exchange goods and services. (verb) To advertise or promote something for sale.

In economics, a 'market' isn't necessarily a physical place; it's any arrangement that allows buyers and sellers to interact and exchange. It can be online, global, or local.

The story behind the word. The word 'market' comes from the Latin mercatus, meaning 'trade, market, place of trade.' This root also gives us words like 'merchant' and 'merchandise.' It originally referred to a physical gathering place for buying and selling, but its economic meaning has expanded to encompass any system where buyers and sellers interact, whether in person or virtually.

Word relationships

marketplace: 'Marketplace' often implies a physical location or a more general arena for exchange, while 'market' can be a more abstract economic concept.
exchange: 'Exchange' is the act of trading, while 'market' is the system or context in which exchanges occur.

Commonly confused with

store: A 'store' is a specific retail outlet, a component of a market, but not the market itself in the economic sense.

Word family

marketing (noun): The action or business of promoting and selling products or services.
marketable (adjective): Able to be sold; in demand.

Collocations

stock market
labor market
housing market
free market
market share
market research

Idioms & expressions

market leader
on the market
go to market

Example sentences

"The global market for smartphones is highly competitive, with many different brands vying for consumer attention." Discussing economic systems.
"Companies often conduct extensive research before deciding how to market a new product to their target audience." Business operations.

Memory hook

Think of a 'MARK-it' on a map, showing where people meet to buy and sell goods, like a bustling town square. MARKET = Buy & Sell Place

When not to use

While 'market' can refer to a specific physical location (like a farmers' market), in economic theory, it's a broader concept of interaction, not just the physical venue.

Fun facts

The concept of the 'invisible hand' in economics, introduced by Adam Smith, describes how individual self-interest in a free market can lead to overall societal benefit.

Related words

Supply, Demand, Equilibrium

Explore more words

export, barter, transaction, bazaar, broker, import