In
economics
Economics () is the social science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services.
Economics focuses on the behaviour and intera ...
, the product market is the
marketplace
A marketplace or market place is a location where people regularly gather for the purchase and sale of provisions, livestock, and other goods. In different parts of the world, a marketplace may be described as a '' souk'' (from the Arabic), ' ...
where
final good
A final good or consumer good is a final product ready for sale that is used by the consumer to satisfy current wants or needs, unlike a intermediate good, which is used to produce other goods. A microwave oven or a bicycle is a final good, but ...
s or
service
Service may refer to:
Activities
* Administrative service, a required part of the workload of university faculty
* Civil service, the body of employees of a government
* Community service, volunteer service for the benefit of a community or a pu ...
s are sold to businesses and the
public sector
The public sector, also called the state sector, is the part of the economy composed of both public services and public enterprises. Public sectors include the public goods and governmental services such as the military, law enforcement, infra ...
. Focusing on the sale of finished goods, it does not include trading in raw or other intermediate materials.
BusinessDictionary.com
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Related, but contrasting, terms are ''financial market
A financial market is a market in which people trade financial securities and derivatives at low transaction costs. Some of the securities include stocks and bonds, raw materials and precious metals, which are known in the financial markets ...
'' and '' labour market''.
''Product market regulation'' is a term for the placing of restrictions upon the operation of the product market. According to an OECD
The Organisation for Economic Co-operation and Development (OECD; french: Organisation de coopération et de développement économiques, ''OCDE'') is an intergovernmental organisation with 38 member countries, founded in 1961 to stimulate e ...
ranking in 1998, English-speaking and Nordic countries
The Nordic countries (also known as the Nordics or ''Norden''; literal translation, lit. 'the North') are a geographical and cultural region in Northern Europe and the Atlantic Ocean, North Atlantic. It includes the sovereign states of Denmar ...
had the least-regulated product markets in the OECD.[OECD (2005), "Product Market Regulation in OECD Countries: From 1998 to 2003", in OECD, Economic Policy Reforms 2005: Going for Growth, OECD Publishing. ] The least-regulated product markets were to be found in:
#United Kingdom
#Australia
#United States
#Canada
#New Zealand
#Denmark
#Ireland
According to the OECD, indicators for product market regulation include price controls, foreign ownership barriers, and tariffs, among other things.
See also
* Factor market (economics)
*Product marketing
Product marketing is sub-field of marketing that is responsible for crafting messaging, go-to-market flow, and promotion of a product. Product marketing managers can also be involved in defining and sizing target markets along with other business ...
References
External links
*
{{DEFAULTSORT:Product Market
Goods (economics)