Answer:
The term market is derived from the Latin word ‘mercatus’, meaning goods, trade or place of business. Traditionally, a market is a place where buyers and sellers meet to buy and sell goods. In the modern sense, a market need not be a physical place; it is the whole set of arrangements through which buyers and sellers come in contact (physically, by phone or online) and exchange goods and services for a price. Example: commodity market, stock market, online market.