What is market? Describe different features of a market.

Market: In general sense, market means a place of selling and buying of different product but economic a mechanism in which buyers and sellers are in action at a certain period of time.

According to dipsay,

                        “ A market may be defined as an area over which buyers and sellers negotiate that exchange of a well defined commodity.”

According to prof. samuelson,

                        “ A market is a mechanism by which buyers and sellers of a commodity interact is price and quantity.”

The characteristics of a market:-

(i) Presence of purchasable and saleable amount of goods and services.

(ii) The existence of buyers and sellers.

(iii) A place it may be a certain region, a country or the whole world.

(iv) A determine price at the certain period of time.

(v) Free intercourse in between buyers and sellers.