What does the word redemption mean here?

Paying a ransom price and buying back from the marketplace of sin.-several greek words are translated redemption in the new testament. the greek word in colossians 1: 14 is apolytrosis(noun)which refers to a buying back, a setting free by paying a ransom price. this same word also occurs in other places (see romans 3:24; romans 8:23; 1corinthians 1:30; ephesians 1:7, ephesians 1:14; ephesians 4:30; hebrews 9:15; hebrews 11:35 among other references). other greek words used for redemption include agorazo(verb)which means to buy, to purchase in the market (or slave market); exagorazo(verb)which means to buy out, to purchase out of the market (or slave market). the old testament also carries the idea of the kinsman redeemer (example: boaz as kinsman redeemer to ruth). the theological idea of redemption therefore includes the sacrifice of christ as the ransom paid to buy us in and out of the marketplace of the slavery of sin. he has thus procurred our redemption and is the kinsman redeemer because he donned flesh (humanity) to do so.the theological idea of justification refers to a forensic declaration of acquittal, thus a declaration of not guilty because of the believer having been clothed with chrisrs righteousness. sanctification involves the idea that christ has separated us for himself and he purifies us on an ongoing basis. propitiation includes the idea of christs sacrifice satisfying gods righteous requirements and appeasing his anger. [eastons bible dictionary highlights the differences between propitiation, expiation and atonement as follows: the meaning of the word [atonement] is simply at-one-ment, i.e., the state of being at one or being reconciled, so that atonement is reconciliation. thus it is used to denote the effect which flows from the death of christ.but the word is also used to denote that by which this reconciliation is brought about, viz., the death of christ itself; and when so used it means satisfaction, and in this sense to make an atonement for one is to make satisfaction for his offenses (exodus 32:30; leviticus 4:26; leviticus 5:16; numbers 6:11), and, as regards the person, to reconcile, to propitiate god in his behalf.by the atonement of christ we generally mean his work by which he expiated our sins. but in scripture usage the word denotes the reconciliation itself, and not the means by which it is effected. when speaking of christs saving work, the word satisfaction, the word used by the theologians of the reformation, is to be preferred to the word atonement. christs satisfaction is all he did in the room and in behalf of sinners to satisfy the demands of the law and justice of god. christs work consisted of suffering and obedience, and these were vicarious, i.e., were not merely for our benefit, but were in our stead, as the suffering and obedience of our vicar, or substitute. our guilt is expiated by the punishment which our vicar bore, and thus god is rendered propitious, i.e., it is now consistent with his justice to manifest his love to transgressors. expiation has been made for sin, i.e., it is covered. the means by which it is covered is vicarious satisfaction, and the result of its being covered is atonement or reconciliation. to make atonement is to do that by virtue of which alienation ceases and reconciliation is brought about. christs mediatorial work and sufferings are the ground or efficient cause of reconciliation with god. they rectify the disturbed relations between god and man, taking away the obstacles interposed by sin to their fellowship and concord. the reconciliation is mutual, i.e., it is not only that of sinners toward god, but also and pre-eminently that of god toward sinners, effected by the sin-offering he himself provided, so that consistently with the other attributes of his character his love might flow forth in all its fulness of blessing to men.]