The idea of a market has changed a lot. At first, it was a physical place like a farmers market. Then, big stores came along. Now, with the internet, there are online markets like eBay where people from anywhere can buy and sell thing
Main Components Necessary for a Market to Occur
Buyers and Sellers: Participants willing to exchange goods or services.
Goods or Services: Items being bought or sold.
Communication and Information: Means of conveying information between buyers and sellers.
Medium of Exchange: Common method for transactions (e.g., currency or electronic payment).
Rules and Regulations: Framework defining transaction processes and protecting rights.
Physical or Virtual Space: Location where transactions occur.
An example of one can experience: Online Freelance Market:
When participated in an online freelancing platform as a writer. It's crucial for one to engage in this market because it will one to expand and find clients globally, showcase their skills, and build a diverse portfolio. The virtual nature allows flexibility in work hours and locations, and the reputation system enhances trust among participants.
The complete question
What we consider a market has evolved over time, from an actual physical marketplace, such as a farmers market, to large stores and to Internet marketplaces such as eBay.
1.Discuss the main components necessary for a market to occur.
2.Discuss a market you have recently participated in, either professionally or personally. Why is it important for you to take part in this market, and what differentiates it from other markets?