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.
The market that I'll be discussing is the set of procedures or arrangements that prevail throughout a society which allows voluntary exchanges. In one sense, the market is the framework of customs and rules within which specific voluntary exchanges in specific markets take place. Neither is it simply the collection of particular markets in which goods and services are exchanged. Rather, it is a spontaneous and impersonal order of arrangements that serves as the framework within which individual human beings make economic choices. One example of a spontaneous and impersonal order is an urban traffic pattern.