BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The place where sellers and buyers meet to sell and buy goods is generally called market which facilitates the exchange mechanism of goods and services. Was this answer helpful?

Detailed explanation-2: -A market is a place where buyers and sellers can meet to facilitate the exchange or transaction of goods and services. Markets can be physical like a retail outlet, or virtual like an e-retailer. Other examples include illegal markets, auction markets, and financial markets.

Detailed explanation-3: -Bartering is the exchange of goods and services between two or more parties without the use of money. It is the oldest form of commerce.

Detailed explanation-4: -The correct answer is b. In the United States, a sick person cannot legally purchase a kidney. When the purchase of a good is banned, there is no market. Even if there is just one seller, there is a market.

Detailed explanation-5: -Market is a place where sellers and buyers interact and exchange of goods or service takes place. Therefore, market has some specific features such as buyers and sellers, product, price, area and exchange of ownership. This is the key feature of market.