What is a market? Types of markets

Now we step into the very heart of Economics — the market. A market is any arrangement that brings buyers and sellers together to trade at a price, and it need not be a physical place at all. We learn how buyers create demand and sellers create supply, and how the two meet to make a price. Then we tour the many types of markets — product and factor, local and international, physical and online, wholesale and retail, plus named markets like the labour, housing, money and foreign-exchange markets. Finally we learn the three quiet jobs every market does: it sets prices, allocates goods, and passes on information.