ABSTRACT
Market-place trade is an important component of internal commerce in most countries, and is particularly significant in the commercial activities of low- and middle-income households in much of Africa, Asia, and Latin America. The gatherings of buyers and sellers of commodities which take place regularly in a public market-place are usually known as ‘markets’, and the settlements in which one or more markets are held each week can be described as ‘market centres’. 1 On the basis of their periodicity, markets may be divided into two groups; ‘daily markets’, which take place on every day, or at least on every working day, of the week; and, ‘periodic markets’ which occur regularly on one or more fixed days each week. When a centre has more than one periodic market day each week, the day with the highest level of activity is the ‘major market day’. In many market centres, small daily markets are supplemented on one, two or three days each week by more substantial periodic market gatherings, and even in those centres which have major daily markets, there are usually regular small day-to-day variations in market activity, adding a periodic element to the daily gatherings.
