Required Answer : -
: [tex] \implies[/tex] A group of buyers and sellers of a particular good or service is called market
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Additional information :-
- The market are a place where two parties can gather, which will facilitate the exchange of goods and services. The parties that are involved are usually the buyers and sellers. A market is a physical form like a retail outlet, where the sellers and buyers can meet face-to-face, or in a virtual form like an online market, where there is an absence of direct physical contact between the buyers and sellers.‘Market’ is a term used in many instances like the securities market or the normal physical market where the people come together for the procedure of buying and selling.
- The market is introduced as a structure that is for the societal benefit of the society. The market structure consists of various forms of market, the forms are characterized according to the nature and the degree of competition that exists in the market for the goods and services. The structure of the market both for the goods market and the service or the factor market is to be judged by the nature of competition that is prevailing in a particular type of market.The Market form is a state that is resultant for the quality or the effectiveness of market competition that is prevailing in the market.
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Hope it's helps :)
