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We may not understand clearly what is meant by these words “ye are bought with a price.” But to the early Christians, the meaning was clear.
At the time the Apostle Paul wrote these words, there were markets where human beings were sold as slaves. Just as one could go to a market and buy a chicken or a duck, so he could buy a slave.
Whoever paid the highest price became the lord or master of that slave. That slave belonged to his master and had to serve him as long as he lived.
Before you and I were saved, we were slaves of sin and Satan. But Jesus Christ bought us with His own precious blood. He gave His life to redeem us.
Since the Lord Jesus bought us, we belong to Him. He is our Lord and our Master.