Concept
Bargaining
Related concepts (4)
Bazaar
A bazaar (بازار) or souk (سوق; also transliterated as souq or suq) is a marketplace consisting of multiple small stalls or shops, especially in the Middle East, the Balkans, North Africa and South Asia. However, temporary open markets elsewhere, such as in the West, might also designate themselves as bazaars. The ones in the Middle East were traditionally located in vaulted or covered streets that had doors on each end and served as a city's central marketplace. Street markets are the European and North American equivalents.
Price
A price is the (usually not negative) quantity of payment or compensation expected, required, or given by one party to another in return for goods or services. In some situations, the price of production has a different name. If the product is a "good" in the commercial exchange, the payment for this product will likely be called its "price". However, if the product is "service", there will be other possible names for this product's name.
Retail
Retail is the sale of goods and services to consumers, in contrast to wholesaling, which is sale to business or institutional customers. A retailer purchases goods in large quantities from manufacturers, directly or through a wholesaler, and then sells in smaller quantities to consumers for a profit. Retailers are the final link in the supply chain from producers to consumers. Retail markets and shops have a very ancient history, dating back to antiquity. Some of the earliest retailers were itinerant peddlers.
Economics
Economics (ˌɛkəˈnɒmᵻks,_ˌiːkə-) is a social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers.