Question

Which is the correct definition of a market, according to economists?

Answer 1

Answer: option (A). Any place, in the real world or online where consumers can purchase goods or services.

Explanation: Economist understands the term market as a whole of any region in which buyers and sellers are in contact with one another to exchange any type of goods and services.A market is any place where sellers of particular goods or services can meet with buyers of those goods and services. It can be regarded as any structure that allows buyers and sellers to exchange any type of goods, services and information.

Market is a means by which the exchange of goods and services takes place as a result of buyers and sellers being in contact with one another either directly or indirectly or through mediating agents.