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Differentiate the sociological and economic perspective of market.

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According to the economic perspective of market, the purpose of a market is profit-making. Adan Smith believed that the market economy is made up of a number of individual exchanges or tran actions which helps in creating a functioning and ordered system. This involves trading buying, selling. However, Sociological perspective considers market in a ulturally specific way. This means that markets are i sually controlled or organised by specific social groups. They consider market as a social institution involving trading, buying, selling, distribution, money oriented process etc. social procceds and structure. According to sociologists, economies are socially embedded which are evident through weekly tribal market (haat) and traditional business community.

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