Question

For most business enterprises a market is:

Answer 1

Answer:

The correct answer is letter "B": All the above.

Explanation:

Markets are the places where buyers and sellers meet to exchange goods for currencies. For enterprises, the definition tends to be more complex. Companies must take into account the geographical area where their goods are offered.

Under economic theory, markets are an abstract concept since they are born after ideas concluded from researching economic phenomena and also a sociological concept since the ideas concluded typically come from a sort of meeting or convention that has enough authority to rule the market definition.

Answer 2

Answer: The correct answer is "b. All the above".

Explanation: All of these statements represents the concept of market for most business enterprises.

You could say that a market is a territory in which customers with competing and competing interests coexist. It is also an abstract concept and of a sociological nature conformed by conventions and institutions.

A more appropriate definition would be: the market is a theoretical place where the supply and demand of products and services is found and prices are determined.