Question

What we consider a market has evolved over time, from an actual physical marketplace, such as a farmers market, to large stores and to Internet marketplaces such as eBay.
• Discuss the main components necessary for a market to occur.
• Discuss a market you have recently participated in, either professionally or personally. Why is it important for you to take part in this market, and what differentiates it from other markets?

Answer 1

The main components necessary for a market to occur are:

A buyer: there should be an individual that is willing to buy the goods and services offered by the seller.

A seller: there should be an individual who has the goods or services that a buyer wants to purchase.  

Goods or services: these are the items that are to be exchanged between the buyer and seller.

A market I recently participated in was the farmer's market. I needed to take part in the market because I needed food for sustenance. This market is different from other markets because there are many sellers of identical goods and the goods have the same price.

Definition of a market.

A market is where a buyer and seller can come together to exchange goods or services. Markets can either be online or physical markets.

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