WHAT IS A MARKET?
A market is a group of buyers and sellers of a particular good or service. The buyers as a group determine t e demand for the product, and the sellers as a group determine the supply of product.
Markets take many forms. Sometimes markets are highly organized, such as the markets for many agricultural commodities. In these markets, buyers and sellers meet at a specific time and place, where an auctioneer helps set prices and arrange sales.
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