In everyday language, a market is simply a place where goods are bought and sold. But in economics, a market is not about a physical location — it refers to the entire system where buyers and sellers interact, negotiate prices, and exchange goods or services.
Markets come in many forms. There are commodity markets (like jute or cotton), financial markets (like stock exchanges), labor markets (where employers hire workers), and even digital markets (like Amazon or eBay) where transactions happen entirely online.
The key idea is that wherever there is a buyer, a seller, and a price being agreed upon — that is a market. It does not need a physical building. Even a WhatsApp group where people trade goods counts as a market in economic terms.