单词 | market |
释义 | market 1) A place or institution in which buyers and sellers of a good or asset meet. A market was originally a building, and still is for some goods, for example cattle or vegetable markets, and for some services, for example Lloyd's for insurance. Nowadays in many cases the market is a network of dealers linked physically by telephone and computer networks, and linked institutionally by trading rules and conventions. Markets facilitate trade in goods, as in commodity markets; in securities, for example the bond market, the capital market, or the stock exchange; in labour services, as in the labour market; or in foreign exchange, in the foreign exchange market. Spot markets handle trade in goods or services for immediate delivery. Markets also exist for goods, services or assets for future delivery, that is trade in forward or futures contracts, and for derivatives, for example options or market indices. 2) A market economy is one in which markets play a dominant role in co-ordinating decisions. The prices formed in markets convey information and provide motivation for decision-takers. Market forces are the supply and demand factors which determine prices and quantities in a market economy. An efficient market is one where prices reflect all available information about the good or asset concerned. market failure refers to a failure of market prices to reflect correctly social costs and benefits. This may be due to externalities, lack of information, or monopoly. It can also arise because markets are incomplete, meaning that it is impossible to trade some goods for others; or where markets are very thin, that is, there is little trading activity, so that there are few records of recent trades to provide information on the prices at which it may be possible to buy or sell in the future. See also: black market, buyer's market, capital market, commodity market, common market, contestable market, contingent market, efficient markets hypothesis, emerging markets, Eurobond, factor market, financial markets, forward market, free market, futures market, incomplete markets, Internal Market, labour market, missing markets, money market, order-driven market, over-the-counter market, perfect market, property market, quote-driven market, secondary market, segmented market, seller's market, spot market, and Unlisted Securities Market |
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