as per the Economic times "Definition: A market is defined as the sum total of all the buyers and sellers in the area or region under consideration. The area may be the earth, or countries, regions, states, or cities. The value, cost and price of items traded are as per forces of supply and demand in a market. The market may be a physical entity, or may be virtual. It may be local or global, perfect and imperfect." different types of economic development have led up to the present day markets ... create your time line oh how markets have evolved over the years - traditional , capitalist , command and mixed ..