Market

In economics, a market is a composition of systems, institutions, procedures, social relations, or infrastructures whereby parties engage in exchange. While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services to buyers in exchange for money. It can be said that a market is a process by which the prices of goods and services are established. Markets facilitate trade and enable the distribution and allocation of resources in a society. Markets allow any tradeable item to be evaluated and priced. A market emerges more or less spontaneously or may be constructed deliberately by human interaction to enable the exchange of rights of services and goods. Markets generally supplant gift economies and are often held in place through rules and customs, such as a booth fee, competitive pricing, and source of goods for sale. In mainstream economics, the concept of a market is any structure that allows buyers and sellers to exchange any type of goods, services, and information. The exchange of goods or services, with or without money, is a transaction. Market participants consist of all the buyers and sellers of a good who influence its price, which is a major topic of study of economics and has given rise to several theories and models concerning the basic market forces of supply and demand. A major topic of debate is how much a given market can be considered a "free market" free from government intervention [Wikipedia].
Most developed nations are technically mixed economies because they blend free markets with some government interference. However, they are often said to have market economies because they allow market forces to drive the vast majority of activities, typically engaging in government intervention only to the extent needed to provide stability. Market economies may still engage in some government interventions, such as price-fixing, licensing, quotas, and industrial subsidies. Most commonly, market economies feature government production of public goods, often as a government monopoly. But overall, market economies are characterized by decentralized economic decision-making by buyers and sellers transacting everyday business. In particular, market economies can be distinguished by having functional markets for corporate control, which allow entrepreneurs to transfer and reorganize the economic means of production [Investopedia].

Sources:

What Is a Market Economy and How Does It Work? Investopedia. Retrieved from: https://www.investopedia.com/terms/m/marketeconomy.asp

Market (economics). Wikipedia. Retrieved from: https://en.wikipedia.org/wiki/Market_(economics)