The Concept of Markets
What is a market?
A market is place where buyers and sellers can meet to exchange and trade goods and services. The key features of a market include: - Buyers (to create demand) and sellers (to meet demand with supply.) - A good, service or commodity to be bought and sold - The price of the commodity - Markets must be voluntary, therefore, people can choose whether to participate or not - A meeting arrangement for the trade to occur
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