Market Basics – what is a market?

All businesses exist to sell products or services – the term used to describe where these are sold is the Market.

A market is a place where buyers and sellers come together to exchange goods and/or services. Markets may exist in a predefined place – e.g. a shopping mall or virtually such as an online store A market doesn’t cause trade it merely facilitates it

The exchange of goods or services is called a transaction – and markets and their level of transactions are governed by supply and demand a term used to define the level of trade that can or is likely to exist between consumers and traders.

There are many types of markets these include

  • Financial Market
  • Labour Market
  • Housing Market
  • Currency market

Markets are a key concept in economics – they may be subject to strict controls or no controls at all (free market)

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  5. Pricing Strategies for business

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