AP ECONOMICS Topic : What is Market

What is Market

Market is a place where buyers and sellers meet. In economics, the concept of a market is any structure that allows buyers and sellers to exchange any type of goods, services and information. The exchange of goods or services for money is a transaction.

Features of a market

• Market participants consist of all the buyers and sellers of a good who influence its price.
• There are two roles in markets, buyers and sellers.
• The market facilitates trade and enables the distribution and allocation of resources in a society.
• Markets allow any tradable item to be evaluated and priced.
• A market emerges spontaneously or is constructed deliberately by human interaction in order to facilitate the exchange of goods and services