Intro to Economic Systems What is a "market"? The Circular Flow Incomes lHouse- holds Businesses Enpenditures ... wespend The we What are "economic systems? meney describe how a particule Socicty distibte its resourtes to produce goods'and Services When did the debate over economic systems begin?
What is Market
A market is a gathering area where people can come together to exchange products and services. Buyers and sellers are the most common parties engaged. The market may be tangible, such as a retail establishment where people actually meet, or online, such as a digital marketplace where buyers and sellers may not have direct physical contact.
A market, in technical terms, is any location where two or more parties can gather to conduct a financial transactions, even if the transaction does not require legal cash. A marketplace trade can entail the exchange of commodities, services, information, currency, or any combination of these. In a nutshell, markets are gathering places for buyers and sellers to meet and interact. Whereas only two or more parties are required to make a trade, a third party is required to introduce rivalry and bring the market back into balance. As a result, a market under perfectly competitive must have a large number of active buyers and sellers, among other characteristics.
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