Meaning
of Market
In the
ordinary sense, the word ‘market’ refers to a physical place, where commodities
and services are bought and sold.
In
Economics, the term ‘market’ refers to a system of exchange between the buyers
and the sellers of a commodity. Besides direct exchanges, there are exchanges
that are carried out through correspondence, telephones, online, email etc. A
market has the following characteristic features:
1.
Buyers
and sellers of a commodity or a service
2.
A
commodity to be bought and sold
3.
Price
agreeable to buyer and seller
4.
Direct or
indirect exchange.
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