{"id":93961,"date":"2025-06-01T12:00:48","date_gmt":"2025-06-01T12:00:48","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=93961"},"modified":"2025-06-01T12:00:48","modified_gmt":"2025-06-01T12:00:48","slug":"in-economics-which-one-of-the-following-is-not-an-essential-condition","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/in-economics-which-one-of-the-following-is-not-an-essential-condition\/","title":{"rendered":"In Economics, which one of the following is not an essential condition"},"content":{"rendered":"

In Economics, which one of the following is not an essential condition for existence of market ?<\/p>\n

[amp_mcq option1=”Product (goods or service)” option2=”Buyers” option3=”Sellers” option4=”Place” correct=”option4″]<\/p>\n

\n
\n
This question was previously asked in<\/div>\n
UPSC SO-Steno – 2017<\/div>\n<\/div>\n
Download PDF<\/a>Attempt Online<\/a><\/div>\n<\/div>\n
\nPlace is not always an essential condition for the existence of a market.
\n<\/section>\n
\nA 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.
\n<\/section>\n
\nProducts, buyers, and sellers are fundamental requirements for any exchange mechanism to function as a market. Without any one of these, a market cannot exist.
\n<\/section>\n","protected":false},"excerpt":{"rendered":"

In Economics, which one of the following is not an essential condition for existence of market ? [amp_mcq option1=”Product (goods or service)” option2=”Buyers” option3=”Sellers” option4=”Place” correct=”option4″] This question was previously asked in UPSC SO-Steno – 2017 Download PDFAttempt Online Place is not always an essential condition for the existence of a market. A market is … <\/p>\n

Detailed SolutionIn Economics, which one of the following is not an essential condition<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1095],"tags":[1101,1120,1261],"class_list":["post-93961","post","type-post","status-publish","format-standard","hentry","category-upsc-so-steno","tag-1101","tag-economic-development","tag-nature-of-indian-economy","no-featured-image-padding"],"yoast_head":"\nIn Economics, which one of the following is not an essential condition<\/title>\n<meta name=\"description\" content=\"Place is not always an essential condition for the existence of a market. 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.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/in-economics-which-one-of-the-following-is-not-an-essential-condition\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"In Economics, which one of the following is not an essential condition\" \/>\n<meta property=\"og:description\" content=\"Place is not always an essential condition for the existence of a market. 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'. 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