In  the  article  the  essence  of  market  and  economic  characteristics  of  its  basic  functions.  We study  the  basic  concepts  of 
market development, taking into account historical experience and the present day.  
The  market  is  a  complex  economic  category,  and  which  directly  affect  the  level  of  economic  development.  Currently, 
scientists have not developed a common approach to determining the nature of the market, so it is impossible to give only one 
interpretation of the definition of "market". 
First, the  market – is  any  place  where  sellers  and  buyers  meet  personally.  The  first  –  offer  goods  and services,  and the 
second – placing them on demand,  traded and bargain for acceptable to both prices; 
Second, in a generalized sense market is the totality of the trading process, acts of sale, regardless of where they occur. As 
such, the market is characterized by many extraterritorial characteristics such as type of goods which sold, sales and purchases (market size), method of trading, the price level (expensive, cheap). This market has understood how to trade in a broad sense, as 
a market  process of compounds seller with the buyer. 
Thirdly,  the  market  is  a  system  of  economic  relations  between  people,  companies,  countries,  based  primarily  on  the 
principle that everything in the world is sold and bought, exchanged on a free basis, but compliance with the rules of payment. In 
other words, the market - is the economic relations that are based on market laws and principles. 
For a comprehensive study of the essence of the market the author highlights the main features of the market: 
1.  Integrating. Promotes integrity of economic property relations in all spheres of social reproduction, the implementation 
process of appropriation of property by various actors within national states and at the national level, to achieve the main goal of 
economic activity. 
2.  Information. Market collects, processes in real time and a huge amount of information gives as a consumer and producer 
of generalized data on the level of costs, profitability, quality of goods and services. Focusing on market information, producers 
are constantly comparing their production with market conditions and implement preventive measures to reduce costs, increase 
quality, improve range. 
3.  Pricing. Determining the real (social) cost of goods, the impact on pricing. 
4.  Control. Control over production - the volume of manufactured products, range of products and their quality. 
5.  Stimulating. It is fact that the market makes all participants a competitive process financially interested in satisfying those 
needs that are expressed through demand via price. 
6.  Remediation. Cleaning social production through competition from economically unsustainable, unviable enterprises and, 
on the contrary, support most enterprising and effective. 
7.  Regulated. Market gives answers the question: what to produce? for whom to produce? how to produce?  Intrabranch 
competition  stimulates    reduce  unit  costs,  encourage  productivity  growth,  technological  progress,  improve  product  quality. 
Interindustry  competition  by  transferring  capital  from  industry  to  industry  forms  the  optimal  structure  of  the  economy, 
stimulating  expansion  of  the  most  promising  industries.  Saving  and  support  the  competitive  environment  -  one  of  the  most 
important tasks of state regulation in the countries with developed market system. 
8.  Function  development.  It  means  increased  competition  between  different  types  and  forms  of  ownership,  the  driving 
forces of economic ownership. 
Keywords: market, market function, economic relations, producers, consumers.