Forms of Market — Economics STD 12 Commerce / Arts — Question

In economics, ‘Market’ refers to an arrangement through which buyers and sellers come in close contact with each other directly or indirectly for exchange of goods at a particular price. Thus, market is a network of dealings between buyers and sellers.
According to Augustin Cournot, “Economist understand by the term market, not any particular market place in which things are bought and sold, but the whole of any region in which buyers and sellers are in such close contact with one another that prices of the same goods tend to equality, easily and quickly.”

Thus, market is said to exist when –

1. there are many buyers and sellers.
2. they may be spread either to a place, region, country or world.
3. goods are bought and sold at a price.
4. people have the knowledge about market price.
5. there is freedom of entry and exit of firms.