Question

In the ______ concept of market, the emphasis is given to the ‘buying and selling of goods or services’.

Options

• Place

• Exchange

• Customer

• Commodity

Answer 1

In the commodity concept of the market, the emphasis is given to the ‘buying and selling of goods or services’.

Explanation:

In the commodity concept of market, the focus is on the buying and selling of goods or services rather than the place of exchange. Here, the buyer, seller and the commodity exchanged are the key elements of the market.