Market (Meaning, Features)
Meaning of Market:
A market is any place or situation where buyers and sellers come in contact, to sell goods and services to the people.
Features of Market:
1. Existence of a commodity which is bought and sold.
2. Existence of buyers and sellers.
3. Existence of a place where transactions are carried out.
4. There is a medium of contact between buyers and sellers, for the exchange of goods and services.
5. Existence of middlemen such as wholesalers and retailers.