Meaning of Market:

1. Traditional View: Traditionally, we have to go for a place to perform the activity of sale and purchase of a commodity, that area or place is known as market.

2. Modern View: Now-a-days market doesn’t refers to a place or area for sale and purchase of a commodity. In recent times it refers to the platform where sale and purchase of a commodity takes place. The seller amd buyer need not to be in physical contact to each other. The best example of market now-a-days is Online Shopping.

3. Economic View: In economics, market relates to the whole region where purchase and sale of a commodity takes place without or with any physical contact. In economics market has no specific place relation. It is not necessary for buying and selling party to assemble at particular place. The condition necessary is they must be in contact by any means of communication like phone, television, internet,newspaper,letter etc.