Question

Explain the following term/concept.

Market

Answer 1

The term market is derived from the Latin word 'Mercatus', which means 'to trade', 'to trade merchandise' or 'a place where the business is transacted'. In simple words, a market is the place where two or more parties are involved in buying and selling. These two parties involved in the transactions are called buyers and sellers. The transaction of buying and selling takes place with the exchange of money.