(noun) A system in which goods and services are produced, distributed, and exchanged by the forces of price, supply, and demand.
Example: Farmers take their crops to a local market and sell to the public.
Audio Pronunciation: (mar·ket ex·ch·ange)
Download Audio Pronunciation: market exchange.mp3
- Plural: market exchanges
- Word origin of “market” and “exchange” – Online Etymology Dictionary: etymonline.com
- Dobbin, Frank. 2004. The New Economic Sociology: A Reader. Princeton, NJ: Princeton University Press.
- Ensminger, Jean, ed. 2002. Theory in Economic Anthropology. Walnut Creek, CA: AltaMira Press.
- Ertman, Martha M., and Joan C. Williams, eds. 2005. Rethinking Commodification: Cases and Readings in Law and Culture. New York: New York University Press.
- allocation of resources
- division of labor
- economic system
- market economy
- market exchange
- reciprocal exchange
- subsistence economy
Abercrombie, Nicholas, Stephen Hill, and Bryan Turner. 2006. The Penguin Dictionary of Sociology. 5th ed. London: Penguin.
The American Heritage Dictionary of the English Language. 5th ed. 2011. Boston: Houghton Mifflin Harcourt.
Bruce, Steve, and Steven Yearley. 2006. The SAGE Dictionary of Sociology. Thousand Oaks, CA: SAGE.
Macmillan. (N.d.) Macmillan Dictionary. (https://www.macmillandictionary.com/).
Merriam-Webster. (N.d.) Merriam-Webster Dictionary. (http://www.merriam-webster.com/).
Oxford University Press. (N.d.) Oxford Dictionaries. (https://www.oxforddictionaries.com/).
Princeton University. 2010. WordNet. (https://wordnet.princeton.edu/).
Wikipedia contributors. (N.d.) Wikipedia, The Free Encyclopedia. Wikimedia Foundation. (https://en.wikipedia.org/).
How to Cite the Definition of Market Exchange
ASA – American Sociological Association (5th edition)
Bell, Kenton, ed. 2014. “market exchange.” In Open Education Sociology Dictionary. Retrieved December 14, 2018 (https://sociologydictionary.org/market-exchange/).
APA – American Psychological Association (6th edition)
market exchange. (2014). In K. Bell (Ed.), Open education sociology dictionary. Retrieved from https://sociologydictionary.org/market-exchange/
Chicago/Turabian: Author-Date – Chicago Manual of Style (16th edition)
Bell, Kenton, ed. 2014. “market exchange.” In Open Education Sociology Dictionary. Accessed December 14, 2018. https://sociologydictionary.org/market-exchange/.
MLA – Modern Language Association (7th edition)
“market exchange.” Open Education Sociology Dictionary. Ed. Kenton Bell. 2014. Web. 14 Dec. 2018. <https://sociologydictionary.org/market-exchange/>.