what is market

A market is a system in which parties engage in exchange of goods and services according to supply and demand). While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services (including labor power) to buyers in exchange for money). Markets facilitate trade and enable the distribution and allocation of resources in a society). Some key characteristics that help define a market include the availability of an arena, buyers and sellers, and a commodity that can be purchased and sold. Markets can be physical, like a retail outlet, or virtual, like an online market. Examples of markets include illegal markets, auction markets, and financial markets. Markets establish the prices of goods and services, determined by supply and demand.