ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-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: -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-4: -A retail market, like any other type of market, is a location at which there is a public gathering of buyers and sellers at a known time. All retail markets involve a large number of transactions of relatively small quantities of goods on a face-to-face basis between a seller and buyer.

Detailed explanation-5: -Internal Trade is the buying and selling of goods within the geographical limits of a country.