The term “market” originates from the Latin noun “Mnrcrztus” which means “a place where business is conducted”. In the ordinary language, market refers to a particular place used for the conduct of trade transactions. It is a meeting place for buyers and sellers and provides marketing services/conveniences to both the parties. Exchange/transfer of ownership of goods takes place at the market place with the use of money which acts as a medium of exchange and also as a measure of value. Money market, wholesale/retail market are the markets in this sense of the term. The term market has now acquired a wider meaning than its ordinary meaning noted above. It is no more confined to any specific area or place where the buyers and sellers meet to exchange goods. It is now generalised to mean any body of persons who are in intimate business relations and carryon extensive transactions in any commodity.
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