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Economic activities take place through markets. In its broadest sense, a market is not necessarily a place but is an institution through which price-making forces operate. In other words, it is within markets that supply and demand operate.
On the other hand, marketplaces are geographic locations where exchanges occur, where the results of the interaction of supply and demand occur, and where the terms "of exchange are registered.
Market mechanisms refer to the information network within and across markets (or marketplaces). For example, market mechanisms enable individuals to keep in touch with each other about the prices and availability of, say, cold-rolled steel or hard red winter wheat.
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