A market is defined as:

A market is best defined as a system of buyers and sellers for a specific good or service. This definition captures the essence of how markets facilitate economic exchange, highlighting the interplay between demand and supply. In any market, buyers and sellers interact, and their behaviors and preferences influence price levels and availability of goods or services.

Markets do not always occur in a physical location; they can also be virtual spaces, such as online platforms where goods and services are exchanged. This broader interpretation helps encompass various market types, such as traditional markets, stock markets, and online marketplaces, reinforcing that the core function of a market is the relationship and transaction dynamics between buyers and sellers regarding particular goods or services.

Other definitions might focus on specific aspects of markets but do not encompass the full scope. For example, while a physical location may be associated with transactions, the modern understanding of markets includes various forms of exchanges that do not necessitate a physical place. Similarly, regulatory bodies and frameworks for international trade are important but represent only parts of the broader market landscape rather than the definition itself.