Glossary Post: Two

Market:

According to Coleman (2017) “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.

Description: What are the different types of markets?

A market can be called the ‘available market’ – that of all the people in the area. Within the available market, there is the ‘market minimum’- or the market size, which will buy goods without any marketing effort. This is the lowest sale that a company could get without any action on its part. In today’s world, this level is sinking ever lower” (Coleman, 2017, para 1-3).

In this case market can also be related to the stock market, supermarkets, and other such services. In the developing years market has been developing its own definitions and many individuals relate to it in different ways.

Market Justice:

According to Budetti (2008) “Individual resources and choices determine the distribution of health care, with little sense of collective obligation or a role for government. Known as market justice, this approach derives from principles of individualism, self-interest, personal effort, and voluntary behavior” (Budetti, 2008, para. 1).

Social Justice:

According to the Article The Market as Part of the Consumer Health Context by Consumer Health it states that “social justice is a basis for most public health efferts, in contrast to market justice, social justice suggests that societies have a responsibility to help ensure fair outcomes for all. In this view, fair outcomes are not based solely on what a person or group earns by choosing healthy behaviors” Consumer health, 2017, para. 17).

References

Budetti, P. P. (2008, January 2). Market justice and moral compass. Retrieved July 20, 2017, from http://www.pnhp.org/news/2008/january/market_justice_and_m.php

Coleman, B. (2017). Definition of ‘Markets’. Retrieved July 20, 2017, from http://economictimes.indiatimes.com/definition/markets

Consumer Health (2017). The Market as Part of the Consumer Health Context. Retrieved July 20, 2017.

 

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