In Economics, which one of the following is not an essential condition for existence of market ?
Product (goods or service)
Buyers
Sellers
Place
Answer is Right!
Answer is Wrong!
This question was previously asked in
UPSC SO-Steno – 2017
A market is essentially a mechanism that brings together buyers and sellers to exchange goods or services. The essential components are: 1) A product or service to be exchanged, 2) Buyers (demand), and 3) Sellers (supply). Traditionally, markets were associated with physical locations (marketplaces), but in the modern economy, especially with the advent of e-commerce and digital platforms, markets can exist without a specific physical ‘place’. Online markets, for instance, facilitate transactions globally without a common physical location for buyers and sellers.