describe market essay
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market is a olace where we buy differen things like vegetables ,clothes ,toys, etc. We usually go to the market to buy vegetables and fruits . there are many stalls of fruits and vegetables in the market . Sometimes we go to the market to buy clothes, toys with our parents .
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Market is like the nervous system of modern economic life. Producers and consumers carry out their transactions of sale and purchase through the medium of market. In the layman’s language, market refers to a place where goods are purchased and sold.
But, in economics, the term ‘market’ has a wider meaning. In economics, market has no reference to a specific place. It is not necessary for buyers and sellers to assemble at a particular place for sale or purchase of goods. The only condition is that they should be in contact with each other through any means of communication, like internet, telephones, letters, etc.
Market refers to the whole region where buyers and sellers of a commodity are in contact with each other to effect purchase and sale of the commodity. From the above discussion, the essential constituents of a market can be summarized as:
(i) Area:
Market is not related to any particular place. It spreads over an area. The area becomes the point of contact between buyers and sellers.
(ii) Buyers and sellers:
Buyers and sellers should be in contact with each other. However, contact does not necessarily mean physical presence.
(iii) Commodity:
For the existence of market, there must be a commodity which will be sold and purchased among buyers and sellers.
(iv) Competition:
The existence of competition among buyers and sellers is also an essential condition for the existence of a market, otherwise different prices may be charged for the same commodity.
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Market is like the nervous system of modern economic life. Producers and consumers carry out their transactions of sale and purchase through the medium of market. In the layman’s language, market refers to a place where goods are purchased and sold.
But, in economics, the term ‘market’ has a wider meaning. In economics, market has no reference to a specific place. It is not necessary for buyers and sellers to assemble at a particular place for sale or purchase of goods. The only condition is that they should be in contact with each other through any means of communication, like internet, telephones, letters, etc.
Market refers to the whole region where buyers and sellers of a commodity are in contact with each other to effect purchase and sale of the commodity. From the above discussion, the essential constituents of a market can be summarized as:
(i) Area:
Market is not related to any particular place. It spreads over an area. The area becomes the point of contact between buyers and sellers.
(ii) Buyers and sellers:
Buyers and sellers should be in contact with each other. However, contact does not necessarily mean physical presence.
(iii) Commodity:
For the existence of market, there must be a commodity which will be sold and purchased among buyers and sellers.
(iv) Competition:
The existence of competition among buyers and sellers is also an essential condition for the existence of a market, otherwise different prices may be charged for the same commodity.
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