Markets As Expressions Of Pj Problems

Peter Oye Sagay

A market is basically a space (physical or virtual) in which sellers of goods and services interact with buyers of their goods and services. Despite the sophistication and complexities of modern markets, the desires of sellers of goods and services to group and interact among themselves and with buyers of their goods and services remain the basic reason for a market.

Once a market is viable, its next main objective is growth.

Market Scope
In the beginning, the scope of a market was strictly local. Buyers and sellers were mainly members of the same community.This local scope established the initial containership, groupings and interactions of markets. Technological progress (travel, communication, production, distribution, finance) eventually expanded the scope of markets from strictly local to both local and global.

Market Growth
Demand and Supply (the wherewithal to meet the demand) fuel market growth. Inherent in the demand-supply duality are market price, supply cost and an able work force, all of which influence the growth of a market. Additionally, innovation is an important growth factor.

Growth is basically a change phenomenon.

The spaces that contain markets, the buyers and sellers in the markets, the goods and services, the scope of markets and the growth of markets are all expressions of Pj Problems. Consequently, markets are expressions of Pj Problems.

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What is Time?
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Essence Of Mathematics
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