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- Characteristics of a market in economics include12:
- Arena: The platform where transactions occur between buyers and sellers.
- Buyers and Sellers: For a market to function, there must be both buyers and sellers.
- One Commodity: A single market depends on a single commodity.
- Market structure: Different industries are classified based on their degree and nature of competition.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.The following are the most basic characteristics that shape a market:
- Arena: This is the platform where transactions are conducted between buyers and sellers. Keep in mind that this doesn't necessarily mean a physical location.
www.investopedia.com/terms/m/market.aspMarkets can differ by products (goods, services) or factors (labour and capital) sold, product differentiation, place in which exchanges are carried, buyers targeted, duration, selling process, government regulation, taxes, subsidies, minimum wages, price ceilings, legality of exchange, liquidity, intensity of speculation, size, concentration, exchange asymmetry, relative prices, volatility and geographic extension.en.wikipedia.org/wiki/Market_(economics) - People also ask
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