When economists describe "a market," they mean

Question

Quizplus · Accepted Answer

A market is a system where buyers and sellers interact with each other to exchange goods and services. It can take place in a physical location (such as a store or a stock exchange) or through an online platform. It does not necessarily involve the production of goods and services, and it can also cover intangible products such as insurance or intellectual property. The key characteristic of a market is the presence of supply and demand, which determine the price and quantity of goods and services exchanged.

When Economists Describe "A Market," They Mean