Question

. Answer the following questions in brief.
1. Define a market. Name different kinds of markets.)​

Answer 1

Answer:

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Answer 2

Answer:

A market is a place where people go to buy or sell things. When people have products to sell, they set up a market place. ... When things are sold, people buy the product, and this "stimulates the economy" (helps people to spend and earn money). The market needs to balance supply and demand.

The five major market system types are Perfect Competition, Monopoly, Oligopoly, Monopolistic Competition and Monopsony.

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