A souq or souk (Arabic: سوق sūq) is an open-air marketplace or commercial quarter in an Arab city. A souk entails the concept of a free-market where vendors can command the going market price for their products.
Historically, souks were held outside of cities in the location where a caravan loaded with goods would stop and merchants would display their goods for sale. Later, due to the importance of the marketplace and the growth of cities, the locations of souks shifted to urban centers
In a souk, the final price of an item is reached by bargaining with the shopkeeper. Traders of a given commodity would all sell in the same souk, thus ensuring a competitive market.
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Read more about souks here.