According to the economic theory, the concept of a market is abstract, for it encompasses the exchange arrangements of both buyers and sellers that underlie the forces of supply and demand. Individuals in societies have been exchanging goods and services for thousands of years. Archaeologists tell us that during the Ice Age, hunters of mammoths in the Great Russian Steppe were trading for Mediterranean shells.
The word market refers to any arrangement that enables buyers & sellers to get together for the purpose of trade or exchange, where the microeconomic balance is given by a series of uncontrollable variables.