[This is part of the series: The Complete Guide To Economics 101.]

What is a competitive market?

I have defined a market, in general.

More specifically, a market can be made up of many types of buyers and sellers.

A Competitive Market is market made up of both many buyers and many sellers.

This is where no single buyer, and no single seller, can influence prices in a significant way.

Other examples of market makeups include:

[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: