ABSTRACT
A market is an organization consisting of the buyers and sellers of a commodity, though the word is sometimes taken to mean the place where the market is held or the area which the market serves. A market organization pro vides a market-place, makes rules about dealing, and keeps records as to the quantities and prices of the goods dealt in. The existence of a market is a very great advantage, as can be seen even in the case of the primitive type of market for dairy and vegetable produce which is found in small towns. The first very obvious advantage is that those wishing to buy can always find sellers, if such exist, and vice versa. Then since a market is held in public by a process of higgling and bargaining, prices will tend to equality, for no one will consent to pay more or to receive less than his neighbour. This effectually prevents the exploitation of the ignorance of buyers or sellers which takes place in trades where there is no proper market organization, for instance in the second-hand furniture trade.
