What Is The Difference Between Market And Market Report?

In popular usage, a market means a place where things are bought and sold. But in Economics the market does not mean a particular place or bazaar, it merely means a commodity and a group of competing buyers and sellers of the same. The term market has been defined by Prof. Chapman as "Economically interpreted the term market refers not to a place but to a commodity or commodities and buyers and sellers of the same who are in direct completion with one another." So we say, Jute Market, Cotton, Market, Share Market, Fish Market, etc.
Thus it will be seen from this above-mentioned definition that an economic market has three essential features. Firstly, there should be a group of buyers and sellers. Secondly, there must be direct and free competition among buyers and sellers for the purchase and sale of a commodity. Thirdly, there should be one competitive price in the market.
But one of the most important functions of a modern organized market is the publication of a Market Report. All bits of information relating to business operations are collected by experts and released to the press for publications in the form of Market Report. Market Reports nowadays have become a regular feature of all exchanges and their utility to a modern businessman can hardly be over emphasized. A Market Report is the publication of records of business transactions over a specified period. It shows the condition of a market in a given commodity on a particular date. Market reports are prepared by the specialists and experts.

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