Market
A market is defined as the sum total of all the buyers and sellers with regards to the buying and selling of assets. The purpose of a market is to do price discovery to determine market-value of goods and services.
The business of creating markets is known as market making. The business of gambling is not market making as no goods or services are exchanged.
References
- Janeway, William H. Doing capitalism in the innovation economy: Markets, speculation and the state. Cambridge University Press, 2012.
- Hart, Oliver, and Bengt Holmström. "The theory of contracts." In Advances in economic theory: Fifth world congress, vol. 1. 1987.
- Fama, Eugene F. "Efficient capital markets: A review of theory and empirical work." The journal of Finance 25, no. 2 (1970): 383-417.
- Fama, Eugene F., and Kenneth R. French. "Size, value, and momentum in international stock returns." Journal of financial economics 105, no. 3 (2012): 457-472.