Economy

What Is a Market?

A market is any place or venue where buyers and sellers can exchange goods and services. A market may be physical, like a retail outlet, or virtual, like an online brokerage with no physical contact between buyers and sellers.

Some key characteristics of a market are the availability of an arena, buyers and sellers, and a commodity or other asset that can be bought and sold.

• A market is a venue where buyers and sellers can meet to facilitate the exchange or transaction of goods and services.
• Markets can be physical, like a retail outlet, or virtual, like an e-retailer.
• Other examples include illegal markets, auction markets, and financial markets.
• The prices of goods and services in a market are determined by supply and demand.
• Features of a market include the availability of an arena, buyers and sellers, and commodities.