Market

A market refers to a system or environment where buyers and sellers engage in the exchange of goods, services, or information. It can exist in various forms, such as a physical location (like a marketplace or store), a digital platform (like an online marketplace), or an abstract setting where transactions occur based on supply and demand dynamics. Markets enable the determination of prices through competition among participants and the interaction of supply and demand. They can be classified into different types, including perfect competition, monopolistic competition, oligopoly, and monopoly, each defined by the number of participants and the level of market control. Markets play a crucial role in the economy by facilitating trade, enabling resource allocation, and promoting economic growth.