The word market has an absolutely different meaning in economics. When buyers and sellers know about each other. And when they can successfully do business with each other.  Then this particular arrangement is known as a market.

Markets help in facilitating trade. This is absolutely why they evolve. Organized markets are worlds in themselves. Without them we cannot expect great profits.

Example of market: Oil World:

An oil world has a larger meaning of course. This is a network in itself! People trades with oil here. The oil sellers and users reside in this. They are absolutely necessary for the trade. The wholesalers also play an important part here. This on a whole is a market.

A market is nothing without the property rights though. These are absolutely necessary so that the markets can exist.



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