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: -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-3: -Commerce is an exchange between two parties of goods or services for money. The word often implies large-scale transactions.

Detailed explanation-4: -Trade is the exchange of goods and services between parties for mutually beneficial purposes.

Detailed explanation-5: -Economic market structures can be grouped into four categories: perfect competition, monopolistic competition, oligopoly, and monopoly.