Market is ‘a place where businessmen transact.’

Answer:

The term market is derived from the Latin word ‘Mercatus’, meaning merchandise, trade or a place where business is conducted. In the traditional sense, a market is a physical place where buyers and sellers meet and transact, i.e. buy and sell goods and services, e.g. a vegetable market, APMC market or a cloth market.

• At such a place sellers display goods and buyers inspect them.
• Prices are settled by bargaining or competition between buyers and sellers.
• Exchange of goods for money (transaction) takes place there.
• Wholesalers, retailers and other businessmen carry on trade at such places.

In the modern sense, a market is not limited to a place; it includes any arrangement through which buyers and sellers transact, such as telephone, mail or the internet. Still, in its basic meaning a market is a place where businessmen transact, so the statement is justified.