ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -market, a means by which the exchange of goods and services takes place as a result of buyers and sellers being in contact with one another, either directly or through mediating agents or institutions. Markets in the most literal and immediate sense are places in which things are bought and sold.

Detailed explanation-2: -A market is a medium which facilitates the exchange of goods and services between buyers and sellers. A market can be physical or virtual and is defined by the different goods and services exchanged in it.

Detailed explanation-3: -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-4: -Which of the following is true of a market system? A market system is a combination of centralized government initiatives and decentralized actions taken by firms.

Detailed explanation-5: -Markets are places where buyers and sellers can meet to sell and purchase goods and services. Markets provide places for firms to sell their goods and gain revenue. Markets provide places for consumers to buy the goods and services that they need.