Q.What is Market?

A market is any set of arrangements through which buyers and sellers are brought into contact to exchange goods and services.

In commerce, the term 'market' does not mean only a particular building or location. It refers to the whole system of arrangements by which buyers and sellers are brought into contact — directly or through agents and modern means of communication — so that goods and services can be bought and sold at a price.

Key points for a two-mark answer:

• It requires buyers and sellers of a product.
• They are brought into contact with each other (in person, or through telephone, internet, agents, etc.). …