ECONOMICS (CBSE/UGC NET)

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: -Commerce is defined as the exchange of goods and services between two or more entities. It typically involves buying and selling things of value. Commerce can take place between businesses, between consumers, or between businesses and consumers.

Detailed explanation-3: -Market refers to the place, where buyers and sellers gather to facilitate the exchange of goods and services.

Detailed explanation-4: -A market is an institution that brings together buyers and sellers of goods or services, who may be either individuals or businesses. The New York Stock Exchange is a prime example of a market that brings buyers and sellers together.

Detailed explanation-5: -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.