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Chapter: 11th Economics : Chapter 5 : Market Structure and Pricing

Meaning of Market

In the ordinary sense, the word ‘market’ refers to a physical place, where commodities and services are bought and sold.

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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