ABSTRACT
The word market does not signify any particular place nor does it refer to a group of commodities indiscriminately. It means an agreement within a group of exchangers as to the price of a-particular species of commodity. There are as many markets as there are groups of exchangers. A manufacturer sells one hundred dozen hats of the same grade to a wholesaler. The wholesaler resells to twenty jobbers; the jobbers resell to two hundred retailers; the retailers resell to a thousand consumers. A market means an agreement between buyers and sellers with reference to the exchange of a species of commodities at a uniform price, with allowance for costs of transit. The Liverpool demand is an aggregate of the offers of consumers who buy directly or indirectly through that market. The market ratios of exchange taken as a whole can, of course, neither rise nor fall. In the market demands are made and goods are offered for sale.
