A market in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis
The price that would be received to sell an asset or paid to transfer a liability
The use of a non-financial asset by market participants that would maximise the value of the asset or the group of assets and liabilities (e.g. a business) within which the asset would be used.
The market that maximises the amount that would be received to sell the asset or minimises the amount that would be paid to transfer the liability, after taking into account transaction costs and transport costs
The market with the greatest volume and level of activity for the asset or liability