The term "market" in economics refers to A. a legal institution where exchange can take place. B. a place where money changes hands. C. an organization which sells goods and services. D. a group of buyers and sellers of a product and the arrangement by which they come together to trade.

Question

Nehemiah Cherry

Business

15 December, 11:01

The term "market" in economics refers to A. a legal institution where exchange can take place. B. a place where money changes hands. C. an organization which sells goods and services. D. a group of buyers and sellers of a product and the arrangement by which they come together to trade.

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Answers (1)

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Jameson Peck · Answer 1

D. a group of buyers and sellers of a product and the arrangement by which they come together to trade.

Explanation:

The market is the place at which the buying and selling of goods and services are taken place. It could come via direct contact, indirect contact through agents or brokers.

It is a trading of goods and services where the seller can able to sell the products and the buyer can buy the products that satisfy its needs and wants so that he or she could get the maximum satisfaction after consuming the product