Question

6. In the study of economics, which is the definition of a market?

A a place where producers display their wares for sale
O
B
a place to buy groceries and other household items
O
C
an arrangement that allows buyers and sellers to exchange things
OD the concentration of the productive efforts of individuals and firms on a
limited number of activities

Answer 1

The correct answer is C) an arrangement that allows buyers and sellers to exchange things.

In the study of economics, the definition of a market is the following: "an arrangement that allows buyers and sellers to exchange things."

When talking about economic terms, a market is a series of procedures where individuals engage in the trade of services and goods. Individuals or companies trade their goods -even labor- in exchange for compensation that usually is money. The market includes concepts of production, transportation, price, places, promotions, and purchasing.