3.1.3—Markets

A market is any system or place where buyers and sellers exchange goods, services or resources. Markets can be local, national, global, physical or digital.

The market mechanism coordinates decisions through information such as price, quality, availability and reputation. Market boundaries depend on the product and customer need being analysed.

A food-delivery platform is a market connecting restaurants, riders and customers, even though no single physical marketplace contains all three.

A “market” is not necessarily a shop or a whole industry; define the buyers, offer and geographic or digital scope.