When economists describe "a market," they mean:

Question

Quizplus · Accepted Answer

A market refers to the system that allows buyers and sellers to interact with each other. It doesn't necessarily have to be a physical place, but rather can exist virtually through online platforms or communication networks. Stocks and bonds can be traded in a market, but so can other goods and services. Therefore, option A is not the best choice. Option B is also not the best choice as it only describes a communication network and not necessarily a market. Option C refers to the production of goods and services, which is not the same as a market where they are exchanged between buyers and sellers.

When Economists Describe "A Market," They Mean