market

The market hall was historically the centre of commerce for towns and villages, being the venue for sales of agricultural and manufactured goods, and the exchange of services. Many towns have preserved these historic buildings, and others have built new, larger, covered market buildings.

Market in front of the church of St John the Baptist in San Juan Chamula, Chiapas state, southern Mexico. San Juan Chamula, a small town outside San Cristobal, is the largest Mayan township in Chiapas. The Mayan traditions are still strong here (Tzotzil is the local language) and the worshippers at the church practise a mixture of Mayan and Catholic customs.

Market scene in Otavalo, Ecuador. The area was originally settled by the Otavalo Indians, who were conquered by the Incas, and then in the 16th century it came under Spanish control. The weekly market is now a popular tourist attraction for its textiles, leather goods, and local jewellery.

Any situation where buyers and sellers are in contact with each other. This could be a street market or it could be a world market where buyers and sellers communicate via letters, faxes, telephones, and representatives.

In a perfect or free market, there are many buyers and sellers, so that no single buyer or seller is able to influence the price of the product; there is therefore perfect competition in the market. In an imperfect market either a few buyers or sellers (or even just one) dominates the market.