[This is part of the series: The Complete Guide To Economics 101.]
What is a market?
A Market is nothing but a group of buyers and sellers of a certain good or service.
Sellers offer to sell at a price, buyers bid to buy at another price, and when an agreement is reached, a transaction is made.
This back and forth over prices acts as a price discovery.
Examples of markets are nearly everywhere.
They can include:
- The cotton market
- Consulting services
- The housing market
- And advertising rates