Question

Which statement best explains the meaning of a market in economics?

Options

• Any single building where goods are sold

• Only a big bazaar with many shops

• Any arrangement that brings buyers and sellers into contact for exchange

• Only an online platform for selling goods

Answer 1

Any arrangement that brings buyers and sellers into contact for exchange

Explanation:

In economics, a market is any arrangement that allows buyers and sellers to meet, agree on a price, and exchange goods or services, whether physically or virtually.