Final answer:
The term that describes an arrangement for buyers and sellers to interact is a 'market.' Markets involve the principles of supply, demand, and equilibrium price, and come in various structures. Today's markets often operate online, reflecting the influence of technology and globalization on traditional market concepts.
Step-by-step explanation:
The term used to describe any arrangement that enables buyers and sellers to get information and do business with each other is a market. A market is a fundamental concept in economics that refers to a place or a mechanism through which buyers and sellers interact to exchange goods and services for money. It provides a way for participants to communicate, negotiate, and execute transactions. The concepts of supply and demand are critical in a market as they determine the equilibrium price, which is the price at which the quantity of goods and services supplied equals the quantity demanded.
Markets can vary in structure, from pure competition, where many sellers offer identical products and there are no barriers to entering or exiting the market, to monopolies, where a single provider dominates the supply of a particular good or service. In today's globalized and technologically advanced society, markets are not just physical locations but also digital platforms where transactions can occur on a global scale. As such, markets have evolved with the rise of business-to-business websites and online consumer sales, providing greater accessibility and competition.