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Write short note on Markets

Write short note on Markets?

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A market is an institution or mechanism that brings together buyers (demanders) and sellers (suppliers) of particular goods and services.

1. A market may be local, national, or international in scope.

2. Some markets are highly personal, face-to-face exchanges; others are impersonal and remote.

3. This chapter concerns purely competitive markets with a large number of independent buyers and sellers.

4. Product market involves goods and services.

5. Resource market involves factors of production.

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