Definition of Market Exchange
(noun) An economic system in which goods and services are produced, distributed, and exchanged by the forces of price, supply, and demand.
Example of Market Exchange
- Farmers take their crops to a local market and sells them to the public.
Market Exchange Pronunciation
Syllabification: mar·ket ex·change
Audio Pronunciation
Phonetic Spelling
- American English – /mAHR-kuht iks-chAYnj/
- British English – /mAHk-it iks-chAYnj/
International Phonetic Alphabet
- American English – /ˈmɑrkət ɪksˈʧeɪnʤ/
- British English – /ˈmɑːkɪt ɪksˈʧeɪnʤ/
Usage Note
- Plural: market exchanges
Related Video
Additional Information
- Economic Sociology Resources – Books, Journals, and Helpful Links
- Word origin of “market” and “exchange” – Online Etymology Dictionary: etymonline.com
Related Terms
- allocation of resources
- distribution
- division of labor
- economic system
- market economy
- production
- reciprocal exchange
- redistribution
- society
- subsistence economy
- technology
Cite the Definition of Market Exchange
ASA – American Sociological Association (5th edition)
Bell, Kenton, ed. 2014. “market exchange.” In Open Education Sociology Dictionary. Retrieved November 28, 2023 (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 November 28, 2023. https://sociologydictionary.org/market-exchange/.
MLA – Modern Language Association (7th edition)
“market exchange.” Open Education Sociology Dictionary. Ed. Kenton Bell. 2014. Web. 28 Nov. 2023. <https://sociologydictionary.org/market-exchange/>.