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Understanding the Market — Entrepreneurship STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEntrepreneurshipUnderstanding the Market3 Marks
Question
Explain market.
✓

Answer

A market is an arrangement of establishing effective relationship between buyers and sellers of the commodities.
  1. It consist of all the potential customers sharing a particular need or want who might be willing and able to engage in exchange to satisfy that need or want.
  2. It is the forces of demand and supply which represents the aggregate influence of self interested buyers and sellers on price and quantity of the goods and services offered in the market.

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