Tirgus

Tirgus is the Latvian word for market, referring to a place where buyers and sellers exchange goods, services, or assets. In everyday language it can denote a physical marketplace as well as the broader market system. In economic terms, a market is the set of arrangements that brings participants together to trade at prices determined by supply and demand, typically based on voluntary exchange.

Types of markets include physical markets such as central town markets, street markets, and farmers’ markets; online markets and e-commerce platforms; and wholesale markets where goods are traded in larger quantities. In a broader sense, tirgus can also describe financial markets, where prices of stocks, bonds, and currencies are determined, though these are often distinguished from retail marketplaces in everyday speech.

Functions of markets encompass price discovery, signaling relative scarcity and value; resource allocation by guiding production and consumption decisions; providing liquidity and sharing risk; and aggregating information about consumer preferences and market conditions.

Organization and regulation vary by country and context. Markets may be public or private, with governance that includes health and safety standards, consumer protection rules, licensing for vendors, product labeling, and anti-fraud measures. Local authorities often oversee open-air markets and markets’ physical infrastructure, while online platforms operate under digital marketplace regulations.

History and development: markets have ancient origins as sites of barter and exchange and have evolved into regulated town markets and modern mixed models that blend physical space with digital platforms. In Latvia, Rīgas Centrāltirgus stands as a notable example of a traditional urban market.