GENERAL KNOWLEDGE

Detailed explanation-1: -The buyer is respectful. A buying company that respects the seller is a desirable quality. Professionalism and clear communication are signs that the buyer wants the transaction to work. Buyers that use bullying or “going silent” as a tactic make it hard to bring a win-win attitude to the negotiating table.

Detailed explanation-2: -Buyer’s market denotes the place where the supply exceeds the demand. In this type of market, the buyers have the advantage of price negotiation. If the demand exceeds the supply then such type of market situation is called Seller’s market.

Detailed explanation-3: -A market economy is a system that is made up of a number of market systems. Market economy characteristics are presented as supply and demand, private ownership, exchange spaces, regulators, freedom of choice, and competition.

Detailed explanation-4: -A seller’s market is a market that is short on supply and relatively high on demand, giving the seller, who possesses the scarce commodity, the power to fix the price, making the buyer a price taker, and hence the seller is a price maker.