Further, it refers to the conditions and commercial relationships facilitating transactions between buyers and sellers. It refers to the whole area of operation of demand and supply. It does not refer only to a fixed location. Thus, the term “Market” is used in economics in a typical and specialised sense. They may contact each other by any means such as a telephone or telex. It refers to an arrangement whereby buyers and sellers come in close contact with each other directly or indirectly to sell and buy goods.įurther, it follows that for the existence of a market, buyers and sellers need not personally meet each other at a particular place. In Economics however, the term “Market” does not refer to a particular place as such but it refers to a market for a commodity or commodities.
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