Evolving through time or depending on the economic era, the term “Market” may mean either an online or offline venue wherein the exchange of goods and services happen. Commercial dealings are conducted in markets through the close contact of buyers and sellers or the mediation of agents or institutions. In the contemporary era, the present technological revolution allows for the buy and sell of commodities through cyberspace.
The modern industrial system had included the entire geographical area in which a marketplace is situated. This is discussed in full in Alfred Marshall’s opus, the “Principles of Economics” (1890). Marshall subscribes to French Economist, A. Cournot’s definition of the “Market” that stipulates:
Economists understand by the term Market, not any particular market place in which things are bought and sold, but the whole of any region in which buyers and sellers are in such free intercourse with one another that the prices of the same goods tend to equality easily and quickly.