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InterviewSolution
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Explain the concepts:Market. |
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Answer» (1) The word ‘market’ has originated from the Latin word ‘mercatus’ which means ‘to trade’, ‘to trade merchandise’ or ‘a place where business is transacted’. Thus, market refers to the specific place where buyers, sellers and other middlemen gather and buy and sell commodities for certain price which is predetermined or bargained. (2) In earlier days, place played a significant role in defining the term ‘market’. However, in modern days of information technology it has got wider meaning. Now the term ‘market’ is no more restricted to specific place or area, but it implies a complex network of dealers linked physically by telephone, computer, internet and many other arrangements and facilities which effect transfer of goods and services at a place. |
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