Q.Write a short note on: Market

In economics a market means any arrangement or set of conditions by which buyers and sellers of a commodity are in contact and carry out exchange at a price; it need not be a particular place. ## Meaning In ordinary language a market means a particular place where goods are bought and sold. But in economics the term has a wider meaning. A market refers to any arrangement, area or system by which buyers and sellers of a particular commodity are in close contact with one another (directly or through dealers, telephone, internet, etc.) and carry out the purchase and sale of that commodity at a price. Thus a market exists wherever there are buyers and sellers of a good in touch with each other, whatever the place. The essentials of a market are: a commodity, buyers and sellers, a price, and some contact between buyers and sell …