Market is a place where sellers and buyers interact and exchange of goods or service takes place. Therefore, market has some specific features such as buyers and sellers, product, price, area and exchange of ownership.
The main features of market can be described as follows:
This is the key feature of market.because there must be buyers and sellers to be market. The seller should be able to supply goods or services according to the demand of customers. But it is not compulsory to have direct meeting and interaction between them.
Buying and selling of products and services can take place by establishing indirect contact between buyers and sellers, that is through correspondence, telephone, telex, intermediaries. However, customers and seller or demand and supply are very important elements to market.
There must be product to market. Goods, services, ideas, thoughts etc. all are taken as products. Product is necessary for exchange. but markets may be different of different products, for example, market of books, market of foodstuffs, market of shoes, market of ready-made garments etc.
There should certain price of products to be market. Customers should to pay certain price for the product. Some economists have put forth their views that price of certain product should be fixed the same in the whole market area through competition between buyers and sellers. But in practice, price of same product may be different in market due to imperfect competition between buyer and seller and to some extent due to monopoly of seller on some products.
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There should be certain area to be market. Area means, it is not a specific place, it indicates whole geographical area where a free relationship establishes between buyers and sellers. Such area remains limited to local level for certain products and for some other products the entire nation or the world becomes market.
In market, ownership of product is transferred to buyer from seller. Money helps as medium of exchange for ownership transfer.
The main features of market can be described as follows:
1. Buyers And Sellers
This is the key feature of market.because there must be buyers and sellers to be market. The seller should be able to supply goods or services according to the demand of customers. But it is not compulsory to have direct meeting and interaction between them.
Buying and selling of products and services can take place by establishing indirect contact between buyers and sellers, that is through correspondence, telephone, telex, intermediaries. However, customers and seller or demand and supply are very important elements to market.
2. Product
There must be product to market. Goods, services, ideas, thoughts etc. all are taken as products. Product is necessary for exchange. but markets may be different of different products, for example, market of books, market of foodstuffs, market of shoes, market of ready-made garments etc.
3. Price
There should certain price of products to be market. Customers should to pay certain price for the product. Some economists have put forth their views that price of certain product should be fixed the same in the whole market area through competition between buyers and sellers. But in practice, price of same product may be different in market due to imperfect competition between buyer and seller and to some extent due to monopoly of seller on some products.
4. Area
There should be certain area to be market. Area means, it is not a specific place, it indicates whole geographical area where a free relationship establishes between buyers and sellers. Such area remains limited to local level for certain products and for some other products the entire nation or the world becomes market.
5. Transfer Of Ownership
In market, ownership of product is transferred to buyer from seller. Money helps as medium of exchange for ownership transfer.
Hence, there should be the features such and buyers and sellers, or demand and supply, goods or services, determined price, certain area, ownership transfer etc to be market.
