BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Market is a location, more like a physical place, where buyers and sellers meet to exchange their goods and services. In economics, the term ‘market’ does not refer to a particular place as such, but it refers to shops for one commodity or a set of commodities.

Detailed explanation-2: -An economic system in which goods and services are exchanged by market functions is called a market economy. An alternative economic system in which non-market forces (often government mandates) determine prices are called planned economies or command economies.

Detailed explanation-3: -The above statement is true as barter system is a system of exchange where goods or services are directly exchanged for other goods or services without using a medium of exchange such as money.

Detailed explanation-4: -Definition: A market is defined as the sum total of all the buyers and sellers in the area or region under consideration. The area may be the earth, or countries, regions, states, or cities. The value, cost and price of items traded are as per forces of supply and demand in a market.