The Market as a Social Institution — Sociology STD 12 Humanities — Question

The term market refers not necessarily to a place but always to a commodity and the buyers and sellers who are in direct competition with one another.

• It may be a place where the process of selling takes place.
• It is the main hub of economic activities.
• Market is a social institution also.
• It is an area or category of trade and business.
• It is an interaction between the buyers and sellers, producers and consumers in respect to goods and services.

Social aspect of market

• Market is a place of inter-change and interaction among people.
• It is a place where there is exchange of information, building of relationship and a place where people of different communities could socially interact. For many visitors, the main purpose to come to the market is social-to meet kins, to arrange marriages, exchange gossip etc.

Economic perspective: Market is a place where distribution, production, consumption of goods and services as well as investment take place.