Mention the basic features of market.
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ᴀᴅᴠᴇʀᴛɪsᴇᴍᴇɴᴛs: ɪɴ ᴇᴄᴏɴᴏᴍɪᴄs ʜᴏᴡᴇᴠᴇʀ, ᴛʜᴇ ᴛᴇʀᴍ “ᴍᴀʀᴋᴇᴛ” ᴅᴏᴇs ɴᴏᴛ ʀᴇғᴇʀ ᴛᴏ ᴀ ᴘᴀʀᴛɪᴄᴜʟᴀʀ ᴘʟᴀᴄᴇ ᴀs sᴜᴄʜ ʙᴜᴛ ɪᴛ ʀᴇғᴇʀs ᴛᴏ ᴀ ᴍᴀʀᴋᴇᴛ ғᴏʀ ᴀ ᴄᴏᴍᴍᴏᴅɪᴛʏ ᴏʀ ᴄᴏᴍᴍᴏᴅɪᴛɪᴇs. ɪᴛ ʀᴇғᴇʀs ᴛᴏ ᴀɴ ᴀʀʀᴀɴɢᴇᴍᴇɴᴛ ᴡʜᴇʀᴇʙʏ ʙᴜʏᴇʀs ᴀɴᴅ sᴇʟʟᴇʀs ᴄᴏᴍᴇ ɪɴ ᴄʟᴏsᴇ ᴄᴏɴᴛᴀᴄᴛ ᴡɪᴛʜ ᴇᴀᴄʜ ᴏᴛʜᴇʀ ᴅɪʀᴇᴄᴛʟʏ ᴏʀ ɪɴᴅɪʀᴇᴄᴛʟʏ ᴛᴏ sᴇʟʟ ᴀɴᴅ ʙᴜʏ ɢᴏᴏᴅs.
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Answer:
Features of Market:
- One commodity: ADVERTISEMENTS: ...
- Area: In economics, market does not refer only to a fixed location. ...
- Buyers and Sellers: ...
- Perfect Competition: ...
- Business relationship between Buyers and Sellers: ..Perfect Knowledge of the Market: ...One Price: ...
- Sound Monetary System:
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