A market refers to the place or mechanism where buyers and sellers interact to exchange goods, services, or resources. It can be a physical location like a grocery store or an online platform.
Related terms
Supply and demand: The fundamental economic concept that determines the price and quantity of goods/services in a market.
Market economy: An economic system characterized by private ownership of production means and competition among individuals and businesses for scarce resources.
Globalization: The process of increased interconnectedness between countries through international trade, investment flows, cultural exchange, etc.