What is Market
Market is a place where buyers and sellers meet. In economics, the concept of a market is any structure that allows buyers and sellers to exchange any type of goods, services and information. The exchange of goods or services for money is a transaction.
Features of a market
- Market participants consist of all the buyers and sellers of a good who influence its price.
- There are two roles in markets, buyers and sellers.
- The market facilitates trade and enables the distribution and allocation of resources in a society.
- Markets allow any tradable item to be evaluated and priced.
- A market emerges spontaneously or is constructed deliberately by human interaction in order to facilitate the exchange of goods and services
