An economic market is a system where buyers and sellers interact to exchange goods and services. It can be physical, like a farmers' market, or virtual, like an online marketplace. Prices are determined by supply and demand, which means that when more people want a product, its price tends to rise, and when fewer people want it, the price usually falls. Markets can be categorized into different types, such as perfect competition, where many sellers offer similar products, and monopoly, where a single seller dominates the market. Understanding how these markets function helps consumers and businesses make informed decisions.