"MARKET": A DEFINITION FOR TEACHING

This short piece is an abstract, partial equilibrium approach to defining the term "market" in terms useful to students of agricultural economics. Neither the short, dictionary-style definitions, nor the longer, more discursive descriptions available are altogether satisfactory for teaching students what a market is--especially in terms consistent with the basic theoretical constructs that we insist they learn. This particular attempt uses familiar concepts of supply and demand but presents them so as to highlight the idea of a "market."