MARKET – TRADE

• Main Author: Milorad Bejatović
• Format: Article
• Language: English
• Published: University Business Academy in Novi Sad Faculty of Law for Commerce and Judiciary 2010-12-01
• Series: Pravo
• Subjects: market, product, demand and supply, competition, seller and buyer
• Online Access: https://casopis.pravni-fakultet.edu.rs/index.php/ltp/article/view/335

The market is one of the basic phenomena of the contemporary economy. The term market had different meaning over time. in its original meaning is that the market is a place (in the physical sense) where buyers and sellers meet each other, to make the exchange of products and services. in this sense, in the Middle ages, the cities have had places like this – the market (usually one of the city’s merchants had this purpose), where buyers were bring their products to sell them and customers were coming to by them. When we speak about market definition, it is evident that the market is the set of all relations on the basis of transactions of goods and services between the seller and buyer. further, the market is a place where supply and demand meats, and manufacturers and customers also. today’s economy is dominated by incomplete or imperfect competition. Demand is a functional relationship that indicates the amount of individual goods to be bought at various prices in any given place and at any given time. Market as an economic category that carries personnel, material, spatial and temporal, instrumental, technical, pricing, institutional, communicative and other dimensions.