Notes compiled by Marty Zide and Steve McAtee
The basic idea that is being conveyed here is that a price has been paid (a ransom) for a certain result (redemption). Redemption means “a deliverance effected by the payment of a ransom.” This is one of the things Jesus accomplished on the cross.
Jesus the Messiah came to give His life a ransom for many, Mark 10:45, in order that deliverance from sin is possible.
The doctrine of redemption is built upon three Greek words in the New Testament:
Agorazo - “to buy or purchase, or pay a price for something.”
Exagorazo - “to purchase out of the market.” “Ex” means “out of.” Lutroo - “to loose, to release on receipt of a ransom.”
AGORAZO
In relation to our salvation, the word means to pay the price which our sine demanded so that we could be redeemed.
2 Pet. 2:1 - But false prophets also arose among the people, just as there will also be false teachers among you, who will secretly introduce destructive heresies, even denying the Master who bought them, bringing swift destruction upon themselves.
1 Cor. - 6:20 For you have been bought with a price: therefore glorify God in your body.
EXAGORAZO
Jesus’ death not only paid the price for sin but also removed us from the market place of sin in order to give us full assurance that we will never be returned to the bondage and penalties of sin.
Gal. 3:13 - Messiah redeemed us from the curse of the Law, having become a curse for us for it is written, Cursed is everyone who hangs on a tree.
Gal. 4:5 - so that He might redeem those who were under the Law, that we might receive the adoption as sons.
LUTROO
This word signifies that the purchased person is also released and set free in the fullest sense.
Rom. 3:24 - being justified as a gift by His grace through the redemption which is in Messiah Jesus.
Titus 2:14 - who gave Himself for us to redeem us from every lawless deed, and to purify for Himself a people for His own possession, zealous for good deeds.
1 Pet. 1:18 - knowing that you were not redeemed with perishable things like silver or gold from your futile way of life inherited from your forefathers.