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A market is a mechanism which allows people to trade, normally
governed by the theory of supply and demand. Both general and
specialised markets, where only one commodity is traded, exist. Markets work by placing many interested sellers in one place,
thus making them easier to find for prospective buyers. An economy which relies primarily on interactions between buyers and
sellers to allocate resources is known as a market economy in contrast
either to a command economy or to a non-market economy that is based, e.g., on gifts.
The traditional market is a city square where traders set up stalls and buyers browse the merchandise. This kind of market is very old,
and countless such markets are still in operation around the whole world. In the USA such markets fell out of favor, but renewed
interest in local food has cause the reinvention of this type of market, called
farmers' markets, in many towns and cities. An example of a large
market is Chatuchak weekend market in Bangkok. The Roman term for market, still in use in a related sense, is forum.
In modern times, mainly after the invention of the electronic computer, markets
are not always located in a physical space. Such virtual markets consist of communication paths where information exchange is easy and deals may be struck. A notable example of this is the international
currency market.
See also: Financial markets, Marketing
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