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 Form 3 Business Studies lessons on product markets

Meaning and features of a market

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Answer Text:
Product Markets:
Meaning of a market:
-Refers to the interaction of buyers and sellers where there is exchange of goods and services for a consideration price.
Features of a market:
-Existence of sellers or suppliers of goods and services.
-Existence of buyers or consumers.
-Availability of goods and services being presented for sale.
-Interaction between the buyers and sellers to exchange their goods and services.
-Consideration/price for goods availed for sale.
-Medium of exchange, that is, a common denominator for which goods or services are exchanged.


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