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Understanding the Market — Entrepreneurship STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEntrepreneurshipUnderstanding the Market4 Marks
Question
Which points did the Carnot's definition of marketing advocate?
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Answer

Carnot's definition of marketing advocated the following points:
  1. Region: Market is not restricted to a particular place but to a region.
  2. Access: The buyers and sellers of the whole region have free access to one another.
  3. Price determination: The forces of demand and supply operate and determine competitive prices.
  4. Whole region: The whole region is taken as a place of market.

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