Markets

The concept of exchange and relationships lead to a concept of market. A market is the set of actual and potential buyers of a product. Originally a market was a place where buyers and sellers gathered to exchange goods. Economics use the term to designate a collecting of buyers and sellers who transact in a particular product class (as in the housing market). Marketers see buyers as constituting a market. Modern economies operate on the principle of division of labor, where each person specializes in producing something, receives payment and buy needed things with this money.Thus, modern economies bound in markets.