market

TERM OF THE DAY market An actual or nominal place where forces of demand and supply operate, and where buyers and sellers interact (directly or through intermediaries) to tradegoods, services, or contracts or instruments, for money or barter. Markets include mechanisms or means for (1) determining price of the traded item, (2) communicating the price information, (3) facilitating deals and transactions, and (4) effecting distribution. The market for a particular item is made up of existing and potential customers who need it and have the ability and willingness to payfor it. Learn more about this term Usage Example Under Armour has made impressive progress with shoe sales in the athletic footwear market, but it took time to gain a stable customer base since competition is so high. Source: BusinessDictionary