A market refers to the interaction between buyers and sellers who engage in the exchange of goods, services, or resources. It can be physical or virtual and can include local markets (e.g., farmers' market) or global markets (e.g., stock market).
Related terms
Perfect Competition: A type of market structure characterized by many buyers and sellers with identical products, no barriers to entry/exit, and perfect information.
Monopoly: A type of market structure where there is only one seller dominating the entire industry.
Oligopoly: A type of market structure characterized by a few large sellers dominating the industry.