What do economists mean by markets?

Answer 1

Markets is a concept that includes a variety of things. Markets are considered the mechanism of trade, so a market could be you and your neighbor trading baked apple pies for lawn mowings, or it could be a more formal market, such as a grocery store, where a variety of products are exchanged for money, or it could be a black market, such as the drug market where much illegal activity occurs. Markets can mean a variety of things, but in its broadest sense, it is any vehicle in which mutually beneficial trade occurs.

Answer 2

Anywhere a product or service is bought and sold.