ventional View of Market
All texts of microeconomics and managerial economics (by Boumol & Blinder 1979,
Samuelson 1980, Parkin 1997, McConnell & Bruce 1999, Brickly, Smith &
Zimmerman 1997, Maurice & Thomas 1995, Chamberlain 1933) define market as a
place where buyers and sellers establish a price through the exchange of goods and
services. Meaning market, in a conventional sense, is a formal or informal
arrangement in which a group of economic agents (individuals and/or firms)
exchange goods and services, or exchange productive resources with each other in a
buyer-seller relationship. Highlights of the conventional market are as follows: