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प्रश्न
Define the term market.
Define the term market as used in economics.
Define market.
How can we define the term market in economics?
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उत्तर १
The term ‘market’ refers to the whole region in which buyers and sellers are in close contact to effect the purchase and sale of a product.
उत्तर २
In economics, the term market refers to the mechanism or arrangement by which buyers and sellers of a commodity are able to interact with each other for having economic exchange and are able to strike a deal about the price and the quantity to be bought and sold.
उत्तर ३
“A market is the set of all actual and potential buyers of a product.”, Phillip Kotler
“Market includes both place and region in which buyers and sellers are in free competition with one another.”, Pyle
“A market means a body of persons who are in intimate business relations and carry on extensive transactions in any commodity.”, Jevons
“A market is a centre in which forces leading to exchanges of title to a particular product operate and towards which and from which the actual goods tend to travel.”, Clark and Clark
Notes
Students should refer to the answer according to their question.
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