A product market is a market where goods and services are bought and sold. This can include a wide range of products, from basic necessities like food and clothing, to luxury items like cars and jewelry. In a product market, buyers and sellers interact to determine the prices of the products being exchanged, and this market competition helps ensure that prices are fair and reflect the supply and demand for the products being sold. As a student, you may be familiar with product markets through your experiences shopping for goods and services, or through your studies of economics and business.