What is a market? What is its importance?
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Answer:
As everyone knows, free markets are important because they voluntarily bring together willing buyers and sellers. Supply and demand are the sine qua non of economics. In fact, so important is their function that, in classical economic theory, a free market occurs only when no single buyer or seller can determine price.
Step-by-step explanation:
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what is market?
A market is one of a composition of systems, institutions, procedures, social relations or infrastructures whereby parties engage in exchange. While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services in exchange for money from buyers.
The importance of markets?
Marketing Helps in Transfer, Exchange and Movement of Goods: Marketing is very helpful in transfer, exchange and movement of goods. Goods and services are made available to customers through various intermediaries' viz., wholesalers and retailers etc. Marketing is helpful to both producers and consumers.