Market and its functions What is a Market? A market

Abror Rahmatullayev / Group 18.110 Progress Assignment

Market and its functions

1.What is a Market?

 A market is a place where two parties can gather to facilitate the exchange of goods and services. The parties involved are usually buyers and sellers.

2.Where do the parties can gather to facilitate the exchange of goods and services? Why?

A market is one of a composition of systems, institutions, procedures, social relations or infrastructures whereby parties engage in exchange. While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services (including labour power) in exchange for money from buyers. It can be said that a market is the process by which the prices of goods and services are established.

3.Who are the representatives of the parties?

The United States House of Representatives, for example is the lower house of the United States Congress, with the Senate being the upper house. Together they compose the national bicameral legislature of the United States.

4. How do the parties meet at the market?

A market is a place where two parties can gather to facilitate the exchange of goods and services. The parties involved are usually buyers and sellers. The market may be physical like a retail outlet, where people meet face-to-face, or virtual like an online market, where there is no direct physical contact between buyers and sellers.

5.The term market also takes on other forms. For instance, it may refer to the place where securities are traded—the securities market. Try to clarify the given sentence.

The market may be physical like a retail outlet, where people meet face-to-face, or virtual like an online market, where there is no direct physical contact between buyers and sellers. The term market also takes on other forms. For instance, it may refer to the place where securities are traded—the securities market.

6.What is an economic transaction?

n economic transaction occurs when something of economic value is provided by one party to another. Transactions that are considered to have economic value comprise those in goods, services, income and financial assets and liabilities.

7. How is the size of a market determined by?

Your "market size" is the total number of likely buyers of your product or service within a given market. To calculate market size, you need to understand your target customer. Assess interest in your product by looking at competitor sales and market share, and through individual interviews, focus groups or surveys.