what is market and breifly discuss the characteristics of good market ?
Answers
Heya mate...
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...
1)one commodity
In practical life, a market is understood as a place where commodities are bought and sold at retail or wholesale price, but in economics “Market” does not refer to a particular place as such but it refers to a market for a commodity or commodities i.e., a wheat market, a tea market or a gold market and so on.
2. Area:
In economics, market does not refer only to a fixed location. It refers to the whole area or region of operation of demand and supply
3. Buyers and Sellers:
To create a market for a commodity what we need is only a group of potential sellers and potential buyers. They must be present in the market of course at different places.
4. Perfect Competition:
In the market there must be the existence of perfect competition between buyers and sellers. But the opinion of modern economist is that in the market the situation of imperfect competition also exists, therefore, the existence of both is found.
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Answer:
Market is a group of many shops like book shop, Mobile shop and so on.
Good Market is that market which provides us good material or good food on correct and fixed rate.