Markets o a market is a group of buyers and sellers of a particular good or service The terms supply and demand refer to the behavior of people.. as they interact with one another in markets o The buyers as a group determine the demand o The sellers as a group determine the supplyMarkets • A market is a group of buyers and sellers of a particular good or service. • The terms supply and demand refer to the behavior of people … as they interact with one another in markets. • The buyers as a group determine the demand. • The sellers as a group determine the supply