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In economics, the term market refers to a system or network where groups of buyers and sellers interact to exchange goods, services, or resources. Here are some key characteristics of a market:
- Buyers and Sellers: A market must have a group of buyers and sellers who are willing to engage in transactions for commodities and services1.
- Communication: There must be a method of communication between buyers and sellers, whether through direct contact, agents, or technology like the internet1.
- Same Commodity: The transactions should involve the same commodity or a variety of similar products, as markets are often defined based on the commodity being traded1.
Markets can be classified based on different criteria, such as:
These characteristics help define the structure and functioning of a market, influencing how transactions are conducted and how prices are set.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.www.brainkart.com/article/Meaning,-Definition-and …www.economicsdiscussion.net/marketing-2/market …www.investopedia.com/terms/m/market.aspwww.economicsdiscussion.net/market/market-conc…en.wikipedia.org/wiki/Market_%28economics%29- People also ask
A market is a place where parties can gather to facilitate the exchange of goods and services. The parties involved are usually buyers and sellers. The market may be physical, like a retail outlet, where people meet face-to-face, or virtual, like an online market, where there is no physical presence or contact … See more
A market is any place where two or more parties can meet to engage in an economic transaction—even those that don't involve legal tender. A market transaction may … See more
Markets vary widely for several reasons, including the kinds of products sold, location, duration, and size. The constituency of the customer base, size, legality, and other … See more
Markets are an important part of the economy. They allow a space where governments, businesses, and individuals can buy and sell their goods and services. But that's not all. They help determine the pricing of goods and … See more
Other than underground markets, most markets are subject to rules and regulations set by governing body that determines the market’s nature. This may be the case when the regulation is as wide-reaching and … See more
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Wikipedia · Text under CC-BY-SA license- Estimated Reading Time: 9 mins
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