Marketplace

A market, or marketplace, 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 market place may be described as a souk (from the Arabic), bazaar (from the Persian), a fixed (Spanish), or itinerant tianguis (Mexico), or palengke (Philippines). Some markets operate on most days; others may be held once a week, or on less frequent specified days.

The term, 'market' comes from the Latin 'mercatus' (market place). The earliest recorded use of the term, 'market' in English is in the Anglo-Saxon Chronicle of 963, a work that was created during the reign of Alfred the Great (r. 871-899) and subsequently distributed, copied throughout English monasteries. The exact phrase was “Ic wille þæt markete beo in þe selue tun,” which roughly translates as “I want to be at that market in the good town.”

Markets have existed since ancient times. Open air, public markets were known in ancient Babylonia and Assyria. These markets were typically situated in the town's centre where they were surrounded by alleyways wtih the premises of skilled artisans, such as metal-workers and leather workers. These artisans may have sold wares directly from their premises, but also prepared goods for sale on market days. In ancient Greece markets operated within the agora (open space), and in ancient Rome the forum.

In the Graeco-Roman world, the central market primarily served the local peasantry. They would sell small surpluses from their individual farming activities, purchase minor farm equipment and a few luxuries for their homes. Major producers such as the great estates were sufficiently attractive for merchants to call directly at their farm-gates, obviating the producers' need to attend local markets. The very wealthy landowners managed their own distribution, which may have involved exporting. The nature of export markets in antiquity is well documented in ancient sources and archaeological case studies. Markets were also important centres of social life.

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