What is Market in Economics?

 ♦A market is a group of buyers and
sellers of a particular good or
service.
♦The terms supply and demand refer
to the behavior of people . . . as
they interact with one another in
markets.

The Market Forces of Supply and Demand:

♦Supply and demand are the two words
that economists use most often.

♦Supply and demand are the forces that
make market economies work.

♦Modern microeconomics is about supply,
demand, and market equilibrium.

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