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Understanding the Market — Entrepreneurship STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEntrepreneurshipUnderstanding the Market3 Marks
Question
Define 'Traditional Markets'?
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Answer

The definition gives the traditional meaning of market. The emphasis is on:
  1. Place: The goods available for sale are bought to a specific place and the buyers of those goods reach those places for buying them.
  2. Different markets for different commodities such as vegetable market, food grains market etc. Traditional concept focuses that market means “a place” only, where actual buying and selling takes place.

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