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Question
Define a market.
Solution 1
In economics the term market is used in a somewhat wider sense. It refers to the market for a commodity containing the buyers and sellers of this commodity. The buyers and sellers of the commodity are in competition with one another. They may be spread over a particular place or in a particular region or over the whole country. We have one market for every product or service.
Solution 2
"A market is the set of all actual and potential buyers of a product." — Phillip Kotler
"Market includes both place and region in which buyers and sellers are in free competition with one another." — Pyle
“A market means a body of persons who are in intimate business relations and carry on extensive transactions in any commodity.” — Jevons
“A market is a centre in which forces leading to exchanges of title to a particular product operate and towards which and from which the actual goods tend to travel.” — Clark and Clark
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