Market - GCSE Business Definition

A Market is any place or system where buyers and sellers interact to exchange goods and services for money. This interaction can occur in physical locations, such as shops or marketplaces, or virtually, like on online platforms. Markets are driven by the forces of supply and demand, which determine the prices of goods and services. Understanding markets is crucial, as they help identify consumer needs, guide businesses on what products to produce, and determine where to set competitive prices. Markets can vary in size from local and national to international, each with different characteristics and levels of competition.