By market it could mean the geographical area where buyers and sellers physically meet to buy and sell goods and services. Examples of this include Oja-Oba market in Ikere-Ekiti, Ondo State, Onitsha
market in Anambra State, Oyingbo market in Lagos State, Dugbe market, Ibadan, in Oyo State, all in Nigeria, Mankessim market-Central Region of Ghana, Makola market, Accra, Ghana, to mention just a few.


![market3466906__480.jpg](https://files.peakd.com/file/peakd-hive/mandate/jBqDusHi-market-3466906__480.jpg)

[Source](https://pixabay.com/photos/market-stand-spices-food-3466906/)

A market could also mean an area over which buyers and sellers can
communicate effectively to buy and sell without necessariiy meeting
physically. Somebody could be in Nigeria and be marketing with somebody in London, As long as this is effectively carried on, market is in existence.

For many reasons, market is important in an economy. It is the place where or the channel through which prices of goods and services are determined. The existence of market makes the interaction of the forces of demand and supply ( the determinants of equilibrium price) possibie.

Market s also important because it makes the production of goods and services worthwhile. Producers or entrepreneurs produce for the market. But if there is nobody to buy what they produce, that is, if
there is no market for their products, production will not be worth while.

The importance of market could also be from the fact that its existence and size could influence or attract the location of an industry.

In considering the factors for the location of an industry, the size of the market is an important factor.

Market is also important because it is the channel through which the taste of the consumers could be known. If there is a fall in the demand for a particular product, this signifies to the producer that his market for that product is contracting. 

He has to think of what to do so as to
avoid incurring losses. And if there is increase in the demand for the product, the producer or entrepreneur will know that the market for his product is expanding. So he would know that he has to increase his output of the goods, It is the market that has given this signal.

Market is also important because its existence provides employment opportunities. For instance, the size of the market has to be considered in the setting up of an enterprise in a place. The size of the market among other things, can influence the sIze of the industry. And the size of the industry would determine the level of employment opportunities it can provide for the people in the area. So the existence of market can create employment opportunities for job seekers.

The existence of market makes possible the exchge of goods and services for money in a modern economy. The market is the channel through which goods and services are exchanged for money. It is the
existence of market that makes it possible for people to buy and sell goods and services. This is another reason market is important in an economy