ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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. Individuals and companies barter goods and services between each other based on equivalent estimates of prices and goods.

Detailed explanation-2: -Definition of Market Exchange (noun) An economic system in which goods and services are produced, distributed, and exchanged by the forces of price, supply, and demand.

Detailed explanation-3: -Ideally a market is a place where two or more parties are involved in buying and selling. The two parties involved in a transaction are called seller and buyer. The seller sells goods and services to the buyer in exchange of money.

Detailed explanation-4: -Economic market structures can be grouped into four categories: perfect competition, monopolistic competition, oligopoly, and monopoly.

Detailed explanation-5: -a market in which one currency is exchanged for another currency; for example, in the market for Euros, the Euro is being bought and sold, and is being paid for using another currency, such as the yen.