Using complete sentences, analyze the functions of a market. What sorts of markets are found in the world’s global cities?
Answers
In the simplest terms, market is a place/setup where buyers and sellers meet and trade of good and services takes place. A market performs various functions like,
- A market system facilitates the buyers and sellers to meet to trade for a desired commodity.
- A market works on the mechanism of demand and supply, hence changes in the prices occur due to this mechanism.
- A market also experience changes in prices due to other factors like change in customer’s preference, taste, weather, income etc.
- In a market a transaction may be as simple as a buyer and a seller, or it may involve number of parties including seller, wholesaler, retailer, etc.
Globally many types of markets exists e.g. wholesale market, financial markets, auctions, ecommerce, job market, real estate market etc.
Answer: Ed2020
Explanation:
A market is a location for buying and selling products. Markets in global cities provide exchanges for financial products like stocks, bonds, and commercial paper. They also provide a place to buy and sell commodities, such as gold, cotton, oil, or food products.