what are the features of market
Answers
Answer:
Meaning of Market:
In common parlance, by market is meant a place where commodities are bought and sold at retail or wholesale prices.
Thus, a market place is thought to be a place consisting of a number of big and small shops, stalls and even hawkers selling various types of goods.
Definitions of Market:
1. Cournot’s definition – the French economist Cournot defined a market thus “Economists understand by the ‘Market’ not any particular market place in which things are bought and sold but the whole of any region in which buyers and sellers are in such free intercourse with one another that the prices of the same goods tend to equality, easily and quickly.”
(a) A market may be a region, which may be a district, state, country or even the whole world from which buyers and sellers are drawn and not any particular place where they assemble.
(b) There must be business intercourse among the dealers, i.e., buyers and sellers. They must be in touch with one another, so that they are aware of the prices offered or accepted by other buyers and sellers.
(c) The same price must rule for the same thing at the same time.
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: