GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a place to buy things
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a place to sell things
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the process by which prices adjust to reconcile the allocation of resources
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a place where buyers and sellers meet
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Detailed explanation-1: -It can be said that a market is the process by which the prices of goods and services are established. The prices also get adjusted within the buyer and seller to get the optimal price of the product. Markets facilitate trade and enable the distribution and resource allocation in a society.
Detailed explanation-2: -In a market system, resources are allocated to their most productive use through prices that are determined in markets. These prices act as a signal for buyers and sellers. Most economies are mixed economies that lie between these two extremes.
Detailed explanation-3: -There are six major types of markets-perfect competition, monopoly, monopolistic competition, oligopoly, oligopsony, and monopsony.
Detailed explanation-4: -Private property, freedom, self-interest, competition, minimum government intervention are the characteristics of a market economy.