Market (Random House Dictionary)
A meeting of people for selling and buying.
Trading allows one specialty to be exchanged for another specialty. Each specialty has its own nuances and learning curve to overcome. Nobody can cover all the required specialties of life, hence the need for trade. Specialties develop economic efficiencies, which saves work, time, and resources.
The intrinsic value of each form of money is comparative to the intrinsic values of all other forms of money. All factors affecting the valuation of each and all forms of money are inclusive in the Market. The Market checks and balances the valuation of each form of money in relation to everything that is valued. The valuation process is comparative, variable, corrective, and ongoing in the Market.
The relational complexity of the Market is analogous to the complexity of the weather system. Modern weather forecasting is still limited in accuracy to less than a few days. In fact, the weather itself can significantly alter Market valuations by drought, flood, etc. and is therefore a significant component of the Market. The complexity of the Market is all inclusive.
Barter is the process by which valuations are mutually achieved. Whether one takes the price as is or haggles over it, it is still part of the barter process, with or without money. Money merely facilitates the barter process.
Transactions of categorical sizes, large to small, use different forms of money, with overlapping of all categories, which allows the Market to make comparative valuations among the various forms of money. All forms of money cannot be perfectly proportioned throughout a society, which creates societal distinctions based on the proportional use of each form of money. Historically, metals had been established forms of money long before written history. Large transactions used gold, small transactions used copper, and transactions in between used silver, all overlapping in use. The metals are still represented in today’s coinage, though not in substance.