MGT405 Lecture Notes - Lecture 16: Perfect Competition, Imperfect Competition, Spot Market
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After having studied this lesson you should be able: to define the term market, to identify the basic components of a market, to classify the different types of market. In ordinary language, the term market refers to a public place in which goods and services are bought and sold. Different economists have tried to define market in different ways. To ely, "market means the general field within which the force determining the price of particular product operate". According to benham," market is any area over which buyers and sellers are in close touch with one another, either directly or through dealers, that the price obtainable in one. This watermark does not appear in the registered version - http://www. clicktoconvert. com part of the market affects the prices paid in other parts". Stonier and hague explain the term market as "any organisation whereby buyers and sellers of a good are kept in close touch with each other".
