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Answer all parts of it - must be at least 500 words minimum.
Give an example of market that you buy or work in. How does the market work? who is the buyer? Who is the seller in this market? How many buyers are there? How many sellers? What is the product and/or service that is being sold? How are the prices set in the market? How is the quality/service set? Are there innovations here, how do they happen? In your market, is there a surplus, shortage or Equilibrium, most of the time? When (if ever) does the market come to Equilibrium? How do you know when there is Equilibrium?
Pick ONLY one Market - either a product and/or service market or a specific Labor Market that you can talk about. Be specific on the above questions about your market.
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