Marketplace in the context of "Commerce"

⭐ In the context of Commerce, what is the primary function of auxiliary commercial activities, such as banking and transportation, within the supply chain?

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⭐ Core Definition: Marketplace

A marketplace, market place, or just market, is a location where people regularly gather for the purchase and sale of provisions, livestock, and other goods. In different parts of the world, a marketplace may be described as a souk (from Arabic), bazaar (from Persian), a fixed mercado (Spanish), itinerant tianguis (Mexico), or palengke (Philippines). Some markets operate daily and are said to be permanent markets while others are held once a week or on less frequent specified days such as festival days and are said to be periodic markets. The form that a market adopts depends on its locality's population, culture, ambient, and geographic conditions. The term market covers many types of trading, such as market squares, market halls, food halls, and their different varieties. Thus marketplaces can be both outdoors and indoors, and in the modern world, online marketplaces.

Markets have existed for as long as humans have engaged in trade. The earliest bazaars are believed to have originated in Persia, from where they spread to the rest of the Middle East and Europe. Documentary sources suggest that zoning policies confined trading to particular parts of cities from around 3000 BCE, creating the conditions necessary for the emergence of a bazaar. Middle Eastern bazaars were typically long strips with stalls on either side and a covered roof designed to protect traders and purchasers from the fierce sun. In Europe, informal, unregulated markets gradually made way for a system of formal, chartered markets from the 12th century. Throughout the medieval period, increased regulation of marketplace practices, especially weights and measures, gave consumers confidence in the quality of market goods and the fairness of prices. Around the globe, markets have evolved in different ways depending on local ambient conditions, especially weather, tradition, and culture. In the Middle East, markets tend to be covered, to protect traders and shoppers from the sun. In milder climates, markets are often open air. In Asia, a system of morning markets trading in fresh produce and night markets trading in non-perishables is common.

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👉 Marketplace in the context of Commerce

Commerce is the organized system of activities, functions, procedures and institutions that directly or indirectly contribute to the smooth, unhindered exchange of goods, services, and other things of value—predominantly through transactional processes—at the right time, place, quantity, quality and price through various channels among the original producers and the final consumers within local, regional, national or international economies. The diversity in the distribution of natural resources, differences of human needs and wants, and division of labour along with comparative advantage are the principal factors that give rise to commercial exchanges.

Commerce consists of trade and aids to trade (i.e. auxiliary commercial services) taking place along the entire supply chain. Trade is the exchange of goods (including raw materials, intermediate and finished goods) and services between buyers and sellers in return for an agreed-upon price at traditional (or online) marketplaces. It is categorized into domestic trade, including retail and wholesale as well as local, regional, inter-regional and international/foreign trade (encompassing import, export and entrepôt/re-export trades). The exchange of currencies (in foreign exchange markets), commodities (in commodity markets/exchanges) and securities and derivatives (in stock exchanges and financial markets) in specialized exchange markets, typically operating under the domain of finance and investment, also falls under the umbrella of trade. On the other hand, auxiliary commercial activities (aids to trade) which can facilitate trade include commercial intermediaries, banking, credit financing and related services, transportation, packaging, warehousing, communication, advertising and insurance. Their purpose is to remove hindrances related to direct personal contact, payments, savings, funding, separation of place and time, product protection and preservation, knowledge and risk.

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In this Dossier

Marketplace in the context of Political economy

Political economy—sometimes referred to as comparative economy—is a branch of political science and economics that studies economic systems (such as markets and national economies) and how they are governed by political systems, including laws, institutions, and governments.

The discipline analyzes phenomena such as labour markets, international trade, growth, the distribution of wealth, and economic inequality, as well as the ways in which these are shaped by political institutions, legal frameworks, and public policy. Emerging in the 18th century, political economy is regarded as the precursor to the modern discipline of economics.

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Marketplace in the context of Subsistence agriculture

Subsistence agriculture occurs when farmers grow crops on smallholdings to meet the needs of themselves and their families. Subsistence agriculturalists target farm output for survival and mostly for local requirements. Planting decisions occur principally with an eye toward what the family will need during the coming year, and only secondarily toward market prices. Tony Waters, a professor of sociology, defines "subsistence peasants" as "people who grow what they eat, build their own houses, and live without regularly making purchases in the marketplace".

Despite the self-sufficiency in subsistence farming, most subsistence farmers also participate in trade to some degree. Although their amount of trade as measured in cash is less than that of consumers in countries with modern complex markets, they use these markets mainly to obtain goods, not to generate income for food; these goods are typically not necessary for survival and may include sugar, iron roofing-sheets, bicycles, used clothing, and so forth. Many have important trade contacts and trade items that they can produce because of their special skills or special access to resources valued in the marketplace.

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Marketplace in the context of Stratford upon Avon

Stratford-upon-Avon (/ ...ˈvən/ ... AY-vən), also known simply as Stratford, is a market town and civil parish in the Stratford-on-Avon district, in the county of Warwickshire, in the West Midlands region of England. It is situated on the River Avon, 91 miles (146 km) north-west of London, 22 miles (35 km) south-east of Birmingham and 8 miles (13 km) south-west of Warwick. The town is the southernmost point of the Arden area at the northern extremity of the Cotswolds. At the 2021 census Stratford had a population of 30,495.

Stratford was inhabited originally by Britons before Anglo-Saxons and remained a village before the lord of the manor, John of Coutances, set out plans to develop it into a town in 1196. In that same year, Stratford was granted a charter from King Richard I to hold a weekly market in the town, giving it its status as a market town. As a result, Stratford experienced an increase in trade and commerce as well as urban expansion.

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Marketplace in the context of Shopping centers

A shopping center in American English, shopping centre in Commonwealth English (see spelling differences), shopping complex, shopping arcade, shopping plaza, or galleria, is a group of shops built together, sometimes under one roof.

The first known collections of retailers under one roof are public markets, dating back to ancient times, and Middle Eastern covered markets, bazaars and souqs. In Paris, about 150 covered passages were built between the late 18th century and 1850, and a wealth of shopping arcades were built across Europe in the 19th century. In the United States, the widespread use of the automobile in the 1920s led to the first shopping centers consisting of a few dozen shops that included parking for cars. Starting in 1946, larger, open air centers anchored by department stores were built (sometimes as a collection of adjacent retail properties with different owners), and then enclosed shopping malls starting with Victor Gruen's Southdale Center near Minneapolis in 1956.

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Marketplace in the context of Guadalajara, Jalisco

Guadalajara (/ˌɡwɑːdələˈhɑːrə/ GWAH-də-lə-HAR, Spanish: [ɡwaðalaˈxaɾa] ) is the capital and the most populous city in the western Mexican state of Jalisco, as well as the most densely populated municipality in Jalisco. According to the 2020 census, the city has a population of 1,385,629 people, making it the 8th most populous city in Mexico, while the Guadalajara metropolitan area has a population of 5,268,642, making it the third-largest metropolitan area in the country and the twenty-second largest metropolitan area in the Americas. Guadalajara has the second-highest population density in Mexico with over 10,361 people per km, surpassed only by Mexico City. Within Mexico, Guadalajara is a center of business, arts and culture, technology and tourism; as well as the economic center of the Bajío region. It usually ranks among the 100 most productive and globally competitive cities in the world. It is home to numerous landmarks, including the Guadalajara Cathedral, Degollado Theatre, the Templo Expiatorio, the UNESCO World Heritage site Hospicio Cabañas, and the San Juan de Dios Market—the largest indoor market in Latin America.

A settlement was established in the region of Guadalajara in early 1532 by Cristóbal de Oñate, a Basque conquistador in the expedition of Nuño Beltrán de Guzmán. The settlement was renamed and moved several times before assuming the name Guadalajara after the birthplace of Guzmán and ending up at its current location in the Atemajac Valley in 1542. On November 8, 1539, the Holy Roman Emperor Charles V had granted a coat of arms and the title of city to the new town and established it as the capital of the Kingdom of Nueva Galicia, part of the Viceroyalty of New Spain. After 1572, the Royal Audiencia of Guadalajara, previously subordinate to Mexico City, became the only authority in New Spain with autonomy over Nueva Galicia, owing to rapidly growing wealth in the kingdom following the discovery of silver. By the 18th century, Guadalajara had taken its place as Mexico's second largest city, following mass colonial migrations in the 1720s and 1760s. During the Mexican War of Independence, independence leader Miguel Hidalgo y Costilla established Mexico's first revolutionary government in Guadalajara in 1810. The city flourished during the Porfiriato (1876–1911), with the advent of the Industrial Revolution, but its growth was hampered significantly during the Mexican Revolution (1910–1920). In 1929, the Cristero War ended within the confines of the city, when President Plutarco Elías Calles proclaimed the Grito de Guadalajara. The city saw continuous growth throughout the rest of the 20th century, attaining a metro population of 1 million in the 1960s and surpassing 3 million in the 1990s.

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Marketplace in the context of Market town

A market town is a settlement (commonly in Europe) that obtained a market right (by custom or royal charter) in the Middle Ages, which allowed it to host a regular market; this distinguished it from a village or a city. In Britain, small rural towns with a hinterland of villages are still commonly called market towns, and is sometimes reflected in their names (e.g. Downham Market, Market Rasen, or Market Drayton).

Modern markets are often in special halls, but this is a relatively recent development. Historically the markets were open-air, held in what is usually called (regardless of its actual shape) the market square or market place, sometimes centred on a market cross (mercat cross in Scotland). They were and are typically open one or two days a week. In the modern era, the rise of permanent retail establishments reduced the need for periodic markets.

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