The "Market Approach" is a method used to determine the value of an asset, such as real estate or a business, by comparing it to similar assets that have recently been sold. This approach relies on the principle of substitution, which suggests that a buyer would not pay more for an asset than the cost of acquiring a comparable one in the market. In practice, the Market Approach involves analyzing sales data, prices, and characteristics of comparable properties or businesses. Adjustments may be made for differences in size, location, or features to arrive at a fair market value. This method is commonly used in real estate appraisals and business valuations.