Marketplace Meaning: Definition, Examples, and Translations
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marketplace
[หmษหrkษชtpleษชs ]
Definitions
business
A marketplace is a location where goods and services are exchanged or sold. It can be a physical place, such as a shopping center or a street market, or a virtual platform where transactions occur online.
Synonyms
bazaar, market, trading center.
Examples of usage
- I love visiting the marketplace on weekends to buy fresh produce.
- The marketplace for handmade crafts has grown significantly with the rise of online shopping.
- The marketplace is bustling with activity during the holiday season.
economics
In economics, a marketplace refers to the overall demand and supply conditions that influence the price and quantity of goods and services in a particular industry or sector.
Synonyms
commercial arena, market, trading environment.
Examples of usage
- The marketplace for luxury cars is driven by consumer preferences and income levels.
- Marketplace competition can lead to innovation and lower prices for consumers.
Translations
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Interesting Facts
Historical Origins
- The concept of a marketplace dates back to ancient civilizations, with the first recorded one in Mesopotamia around 3,000 BC.
- In medieval Europe, places like town squares became vital for trade, where farmers sold produce and craftsmen offered their goods.
- Markets were often held on specific days of the week, creating a rhythm for commerce and community interaction.
Economics
- A marketplace is an essential part of economic systems, allowing supply and demand to determine prices.
- Different types of marketplaces, such as digital or physical, have emerged with technology, revolutionizing how people trade goods.
- In economics, the term 'marketplace' can also refer to the exchange of ideas and services, not just physical products.
Cultural Significance
- In various cultures, marketplaces serve as social hubs, fostering community bonding and cultural exchange.
- Traditional markets in places like Marrakech or Bangkok highlight local customs and food, giving visitors a taste of the culture.
- Special events and festivals often revolve around marketplaces, showcasing crafts, foods, and local music.
Technology
- The rise of e-commerce has transformed traditional marketplaces into virtual spaces, allowing global trade from home.
- Platforms like Amazon and eBay serve as modern marketplaces, where users can buy and sell goods without physical boundaries.
- Blockchain technology is being integrated into online marketplaces, aiming to increase transparency and security in transactions.
Literature
- Marketplaces often appear in literature as settings for character encounters, reflecting social dynamics and economic challenges.
- Famous works like 'A Tale of Two Cities' by Charles Dickens depict bustling city markets as a backdrop for pivotal events.
- Contemporary novels frequently explore themes of consumerism and identity through charactersโ experiences in various marketplaces.
Origin of 'marketplace'
The term 'marketplace' has its origins in the Old English word 'mearcstap', which referred to a meeting place or a place where goods were sold. Over time, the concept of marketplace evolved to encompass physical and virtual spaces where trade and commerce take place. The importance of marketplaces in facilitating economic exchange and connecting buyers and sellers has been a fundamental aspect of human societies throughout history.
See also: hypermarket, market, marketability, marketable, marketer, marketing, megamarket, supermarket, telemarketing.