Characteristics of market | Market process | Economics and management
Автор: Ramesh Kumar
Загружено: 2026-01-26
Просмотров: 2
Описание:
#snsinstitutions
#snsdesignthinkers
#designthinking
A market is characterized by the interaction of buyers and sellers, a specific commodity being traded, a defined area (physical or virtual), price determination through supply and demand, and a competitive structure
. It functions through voluntary exchange, with participants aiming to maximize utility or profit while interacting in a competitive environment
.
Key characteristics of a market include:
Buyers and Sellers: There must be at least one buyer and one seller to conduct an exchange.
Interaction/Contact: Buyers and sellers do not need to be physically together; modern communication allows interaction to occur anywhere.
Commodity/Service: A product or service must exist to be exchanged.
Price Mechanism: The price for goods is determined by the forces of demand (buyers) and supply (sellers).
Area: It refers to the entire region where buyers and sellers are spread, not just a physical location.
Competition: Markets feature varying degrees of competition, ranging from perfect competition (many sellers, identical products) to monopoly (one seller, unique product).
Free Exchange: Participants have the freedom to buy or sell based on their own choices.
Information Flow: Transparent information helps participants make informed decisions, though it varies by market typ
Повторяем попытку...
Доступные форматы для скачивания:
Скачать видео
-
Информация по загрузке: