A market is a mechanism for exchanging goods and services for money among agents
Exchanges take place at specific ratios, called prices
There are exchange rates for many pairs of goods
Normally a single price is set for each good
The size of a market depends on the set of trades that take place at the same price for reasons of taste or technology
This occurs because of competition
Either buyers consider the two objects to be the same (tastes) or sellers can make them at the same cost (technology)
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