Coupon Accepted Successfully!


Meaning of market

Market refers to an arrangement where buyers and sellers come into close contact with each other for the purpose of exchanging their goods and services. A market need not be a place or a locality where the commodities in question are exchanged but there has to be a contact between the buyers and sellers so that goods and services are bought and sold at an agreed price.
Communication between the buyers and sells can also take place through telephone, fax, telegram, internet, etc. In such cases too, a market is said to exist.
Example: Tele marketing channels sells many products and buyers across the country purchases them. The Good would be despatched to the buyers right at their door step and buyer needs to pay only after the receipt of the goods.
Thus, the essential features of a market are as follows:
  • Two parties in a market i.e., buyers and sellers
  • Contact between them {either directly or indirectly}
  • A product which is demanded and sold
  • Price of the commodity
  • Willingness and ability to buy and sell

Test Your Skills Now!
Take a Quiz now
Reviewer Name