What is a Market?

A market is defined as a collection of buyers and sellers exchanging goods, resources, or services. This definition encompasses various types of markets, including physical markets where transactions take place face-to-face, as well as virtual markets where interactions occur via telecommunications.

Option A accurately captures the essence of what a market is. While it is true that some markets, like farmers’ markets, exist primarily for specific types of goods (as mentioned in option B), the broader definition applies to all types of markets.

Option C describes a characteristic of modern markets, particularly e-commerce, but does not encompass all aspects of a traditional market. Hence, while technology plays a role in modern markets, it is not the sole definition.

Therefore, the correct answer is A: a market is a collection of buyers and sellers exchanging goods, resources, or services.

More Related Questions