The Market

People will always have their needs and wants which can only be found in the marketplace. It
is where the exchange of products from buyers and sellers takes place. Today, the market
exists everywhere and anywhere. It can either be physical or online as shown in the following
illustrations.
Ubiquitous - everywhere
Before, there was only the physical market where people gather to buy products
personally. When technology came, it slowly merged itself into our daily lives greatly
affecting the way we buy in the market. The online market allows people to buy
products in the comfort of their homes with the use of gadgets such as smart phones,
computers, tablets, and a stable internet connection. Lazada, eBay and Amazon are
examples of online markets which also let you pay online, cash, or with use of credit
cards.

The Market – Past to Present

Long before money was used in the market, there was the barter system. The barter
system allows two or more parties to exchange goods and services for other goods and
services from the other party. The history of the barter system goes all the way back to
6000 BC and as civilizations begin to progress, so does bartering. People started to
exchange goods for food, spices, and even weapons. By the time that money was
introduced, bartering became better and more organized and gave birth to the state of
the market we know today.
In the present era, the market is still dominated by two parties, the buyers or what we usually
call customers and the sellers which can be either a businessman or an entrepreneur. In the
barter system, same products from different parties can be exchanged regardless of the
resources used to make the product. In the example below, when the barter system was still
commonly used, a plate made of wood and a plate made from glass has the same value.
Whereas today, with money as a medium for product exchange, the wooden plate would clearly
be cheaper than the other plate.

Technology advances together with time. It takes away the difficulties and reduces the
time in finishing a certain task. In the coming years, although it is currently happening
today, online markets will be more rampant. Online market is a new trend in the
marketplace as it lessens your effort in going to physical markets and buying the
products you want. However, there are some disadvantages when it comes to buying
products online. Some are listed below:
Delayed delivery. Since the product is bought online and if you are in a far place,
chances are, the product will arrive late because of unpredicted events.
Damage during transport. During the delivery of the product, there will be certain
conditions that will cause at most minimal damage to it.
Lack of inspection. Buying in the online market will not give you a chance of inspecting
the quality of the product. Nevertheless, you have to accept the quality of the product
delivered to you.