Economicsstudies the allocation of scarce resources among people – examining whatgoods and services wind up in the hands of which people. Why scarceresources? Absent scarcity, there is no significant allocationissue. All practical, and many impractical, means of allocating scarceresources are studied by economists. Markets are an important means ofallocating resources, so economists study markets. Markets includestock markets like the New York Stock Exchange, commodities markets like theChicago Mercantile, but also farmer's markets, auction markets likeChristie's or Sotheby's (made famous in movies by people scratching their nosesand inadvertently purchasing a Ming vase) or eBay, or more ephemeral markets,such as the market for music CDs in your neighborhood.

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