When looking to sell something, people tend to assign a monetary value to it. This becomes known as the price. Buyers have the option of agreeing to said price, rejecting it, or negotiating another one.
In market, people submit buy orders. If they are market orders, that will simply match with whatever is being asked. If, however, a limit order is placed, the buyer is effectively announcing what he or she will pay for the security or asset.
Obviously, anyone doing the buying is known as the "buyer".
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