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Meaning and Definition of Market? - Economics

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Definition

Meaning and Definition of Market?

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Solution

Meaning:
A market is a group of buyers and sellers, where buyers determine the demand and sellers determine the supply, together with the means whereby they exchange their goods or services is called the market.

Definition:
Markets in the most literal and immediate sense are places in which things are bought and sold. In the modern industrial system, however, the market is not a place; it has expanded to include the whole geographical area in which sellers compete with each other for customers.

Concept: Meaning and Features of Market
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