What is a market and the criteria for a market to exist?

Answer 1

A market is any space (including cyberspace) where exchanges of goods and services are made voluntarily by individuals, either through direct trade or the use of some form of currency. Markets have existed in rudimentary forms for centuries. More complex markets may require legal systems, clearly defined property rights, contracts, and oversight to work. In some ways, markets are empowering to individuals, because all choices are freely made by all of the participants, so markets are seen as mutually beneficial and enabling parties to interact without the use of force. Markets are seen as efficient ways to distribute goods and services, and to set prices within an economy. Some problems with markets include imbalances in power relationships that can result in one-sided outcomes, and poverty that bars individuals who cannot afford needed items from participating in the markets for those goods.