Market - GCSE Geography Definition

In GCSE Geography, a "market" refers to a place or system where goods, services and resources are bought and sold. It can be a physical location, like a shop or a market stall, where people meet to exchange products for money. However, it can also be a broader concept that includes online platforms where transactions happen over the internet. Markets can vary in size and scope, ranging from small local markets that serve a specific community to large international markets that include products and services traded between different countries. Understanding markets is important because they are a key part of how economies function, affecting both local communities and the wider world.