Asked by Andreas Ziegler on Feb 18, 2024
Verified
Define a market and describe some of its characteristics.
Supply
The sellers who compete for customers in the marketplace.
- Identifying the key elements that define a market.
- Analyzing the factors that influence market behavior.
- Understanding the concept of a market and its characteristics.
Verified Answer
DV
Dhammika ViyalamunnaFeb 18, 2024
Final Answer :
Markets can be virtual or physical,comprising a space where supply (people selling goods and services)meets demand (people who wish to buy goods and services).A market comprises a set of actual or potential customers for a given set of products or services who have a common set of needs or wants and who reference each other when making buying decisions.
Learning Objectives
- Identifying the key elements that define a market.
- Analyzing the factors that influence market behavior.
- Understanding the concept of a market and its characteristics.