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.