Ronald Nash Prior segments of this eight-part series explained the nature of economics, especially the way in which scarcity forces us to rank our options and make choices. They also discussed the importance of recognizing that all economic value is subjective. For example, a mother can tell her son to run over to the market and buy six ears of corn. The wholesaler may then ask someone to check how corn is doing that day on the futures market. For a single commodity like corn, there are a number of different markets.
Markets differ of course in more ways than size and general level.
We speak of different markets for different kinds of things. There are stock markets and bond markets. There is the new car market and the used car market. There are markets in which collectibles like coins, stamps, paintings, and even comic books are traded. Specific markets are places where two or more people exchange goods and services.