Market - Revision history

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	[[Category:Done ~~2016~~-04-30]]		[[Category:Done 2026-07-01]]
	[[File:Market-SDcurve2.png\|350px\|thumbnail\|right\|Figure 1. Supply and demand interact in a market to create an equilibrium price and quantity of a [[goods and services \| good or service]].<ref>Wikimedia Commons. (May 14, 20156). Market Curves [Online]. Available: https://commons.wikimedia.org/wiki/File:Supply-demand-equilibrium.svg</ref>]]		[[File:Market-SDcurve2.png\|350px\|thumbnail\|right\|Figure 1. Supply and demand interact in a market to create an equilibrium price and quantity of a [[goods and services \|good or service]].<ref>Wikimedia Commons. (May 14, 20156). Market Curves [Online]. Available: https://commons.wikimedia.org/wiki/File:Supply-demand-equilibrium.svg</ref>]]
	<onlyinclude>A '''market''' is ~~where buyers and sellers~~ exchange [[goods and services]].~~</onlyinclude> This~~ market can be physical or virtual and is ~~usually~~ defined by the ~~whatever is~~ exchanged;<ref>D. Rutherford. ‘’Routlege Dictionary of Economics’’. London: Routlege, 1995, pp. 286.</ref> ~~for~~ example [[petroleum]] is exchanged on the [[oil market]]. Usually, markets are good for society because these transactions allow people to get the goods and services that they want. These goods and services are exchanged for [[currency]], information, or just other goods and services. Anything that someone values can be exchanged in a market, but today usually a buyer is paying money for a seller else to provide something. The way that buyers and sellers interact in the market determines the how much will be provided (the [[supply]]) and how badly these goods and services are wanted (the [[demand]]). The interaction between supply and demand of the goods and services will determine the [[market value]] (the [[price]]) and quality amount that will be sold.		<onlyinclude>A '''market''' is a medium which facilitates the exchange of goods and services between buyers and sellers. A market can be physical or virtual and is defined by the different [[goods and services]] exchanged in it.</onlyinclude><ref>D. Rutherford. ‘’Routlege Dictionary of Economics’’. London: Routlege, 1995, pp. 286.</ref> For example, [[petroleum]] and petroleum products are exchanged on the [[oil market]].

	~~==Types~~ of ~~Markets==~~		A market facilitates the transactions between two or more parties who exchange goods and services, most often: [[Currency \|money]], information, or anything of value to the selling party. The interaction of buyers and sellers in the market determines the [[supply]] and [[demand]] of the goods and services being exchanged (see Figure 1). Therefore, the [[market value \|price]] and quality of the goods is also determined.

	There are ~~two main~~ types of markets ~~today and when referring to the whole market of a country~~, ~~one~~ can ~~refer to it as the [[economy]]~~, ~~meaning the~~ general ~~position~~ of the ~~government towards their economy. The two main types are~~ [[~~mixed economy \| mixed economies~~]] ~~and~~ [[market ~~economy \| market economies~~]]. In ~~addition there are~~ [[~~centrally planned economy \| centrally planned economies~~]] ~~in which the government has total control, although there are very few if any of these economies today. Canada's economy is a mixed economy~~.		There are many types of markets, they can big or small, local or global, general or specific, legal or illegal and a number of other variations. For example, within the [[commodity]] market there is an [[oil market]] where oil is bought and sold globally through a computer network (digital market). In comparison, gas stations represent physical markets, where the buyer will trade currency for [[gasoline]] at an established price.

	== ~~A Note on Markets~~==		===Examples of Specific Markets:===

	There are many types of markets, they can big or small, local or global, general or specific, legal or illegal and of a number of other variations. For example, with in the [[commodity market]] there is an [[oil market]] where oil is bought and sold around the world through a computer network, this is an example of a digital or electronic market. In contrast, a gas station is an example of a physical market where hard goods are traded, one puts [[gasoline]] in their vehicle and trades currency to buy the gasoline at a determined price.

	~~===A Few~~ Examples of Specific Markets:===
	*Oil Markets		*Oil Markets
	*Commodity Markets		*Commodity Markets
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	*Media Markets		*Media Markets

	==~~Market Failure==~~		==For Further Reading==
	~~''Click [[Market failure\|here]] for the main article''~~

	When a market fails to function properly, that is, it does not have a [[pareto efficiency \| pareto efficient]] equilibrium; the market is said to be [[market failure\|failing]]. This is due to a number of possibilities such as [[externality\|externalities]], imperfect competition, misallocation of public goods and other factors.<ref>J.Black, N. Hashimzade, and G. Myles. (2009) ‘’A Dictionary of Economics’’, 3rd ed. [Online], Available: http://www.oxfordreference.com.ezproxy.lib.ucalgary.ca/view/10.1093/acref/9780199237043.001.0001/acref-9780199237043-e-1219?rskey=~~1ao9sr&result~~=1 [14 May 2016]</ref> This occurs because there is a net external social cost which is in opposition to the idea that markets are efficient when all transactions benefit society in a positive way.<ref>A. Goolsbee, S. Levitt and C. Syverson. ‘’Microeconomics’’. New York: Worth Publishers, 2013, pp. 644.</ref> For more information, see [[market failure]]. When the inefficiencies in a market become so great that supply cannot meet demand or it cannot correct for an externality to a sufficient level then the market has ceased to function properly.

	~~==See Also==~~		* [[Market economy]]
	*[[Market economy]]		* [[Mixed economy]]
	*[[Mixed economy]]		* [[Market failure]]
	*[[Market failure]]		* [[Supply]]
	*[[Supply]]		* [[Demand]]
	*[[Demand]]		* Or explore a [[Special:Random\|random page]]

	== References ==		== References ==
	{{reflist}}		{{reflist}}
			[[Category: Uploaded]]

Jmdonev: 1 revision imported: From the summer

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Jmdonev at 17:01, 4 September 2016

2016-09-04T17:01:40Z

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[[Category:Done 2016-04-30]]
[[File:Market-SDcurve2.png|350px|thumbnail|right|Figure 1. Supply and demand interact in a market to create an equilibrium price and quantity of a [[goods and services | good or service]].<ref>Wikimedia Commons. (May 14, 20156). Market Curves [Online]. Available: https://commons.wikimedia.org/wiki/File:Supply-demand-equilibrium.svg</ref>]]
<onlyinclude>A '''market''' is where buyers and sellers exchange [[goods and services]].</onlyinclude> This market can be physical or virtual and is usually defined by the whatever is exchanged;<ref>D. Rutherford. ‘’Routlege Dictionary of Economics’’. London: Routlege, 1995, pp. 286.</ref> for example [[petroleum]] is exchanged on the [[oil market]]. Usually, markets are good for society because these transactions allow people to get the goods and services that they want. These goods and services are exchanged for [[currency]], information, or just other goods and services. Anything that someone values can be exchanged in a market, but today usually a buyer is paying money for a seller else to provide something. The way that buyers and sellers interact in the market determines the how much will be provided (the [[supply]]) and how badly these goods and services are wanted (the [[demand]]). The interaction between supply and demand of the goods and services will determine the [[market value]] (the [[price]]) and quality amount that will be sold.

==Types of Markets==

There are two main types of markets today and when referring to the whole market of a country, one can refer to it as the [[economy]], meaning the general position of the government towards their economy. The two main types are [[mixed economy | mixed economies]] and [[market economy | market economies]]. In addition there are [[centrally planned economy | centrally planned economies]] in which the government has total control, although there are very few if any of these economies today. Canada's economy is a mixed economy.

== A Note on Markets==

There are many types of markets, they can big or small, local or global, general or specific, legal or illegal and of a number of other variations. For example, with in the [[commodity market]] there is an [[oil market]] where oil is bought and sold around the world through a computer network, this is an example of a digital or electronic market. In contrast, a gas station is an example of a physical market where hard goods are traded, one puts [[gasoline]] in their vehicle and trades currency to buy the gasoline at a determined price.

===A Few Examples of Specific Markets:===
*Oil Markets
*Commodity Markets
*Financial Markets
*[[Currency]] Markets
*Media Markets

==Market Failure==
''Click [[Market failure|here]] for the main article''

When a market fails to function properly, that is, it does not have a [[pareto efficiency | pareto efficient]] equilibrium; the market is said to be [[market failure|failing]]. This is due to a number of possibilities such as [[externality|externalities]], imperfect competition, misallocation of public goods and other factors.<ref>J.Black, N. Hashimzade, and G. Myles. (2009) ‘’A Dictionary of Economics’’, 3rd ed. [Online], Available: http://www.oxfordreference.com.ezproxy.lib.ucalgary.ca/view/10.1093/acref/9780199237043.001.0001/acref-9780199237043-e-1219?rskey=1ao9sr&result=1 [14 May 2016]</ref> This occurs because there is a net external social cost which is in opposition to the idea that markets are efficient when all transactions benefit society in a positive way.<ref>A. Goolsbee, S. Levitt and C. Syverson. ‘’Microeconomics’’. New York: Worth Publishers, 2013, pp. 644.</ref> For more information, see [[market failure]]. When the inefficiencies in a market become so great that supply cannot meet demand or it cannot correct for an externality to a sufficient level then the market has ceased to function properly.

==See Also==
*[[Market economy]]
*[[Mixed economy]]
*[[Market failure]]
*[[Supply]]
*[[Demand]]

== References ==
{{reflist}}