Understanding Markets

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A place where people buy and sell goods and services. It can be a physical place (like a bazaar or mall) or online (like shopping websites). Markets help connect buyers and sellers to exchange goods a…

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Price is the amount at which a buyer is willing to buy and a seller is willing to sell particular goods or services. It is determined through negotiation and bargaining between buyers and sellers.

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When the price is too high, fewer buyers will be willing to purchase the product. This means the seller will sell less quantity and may not be able to sell all their goods, potentially leading to loss…

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When the price is too low, many buyers will want to buy the product, but the seller may not make enough profit or may even make a loss. The seller might run out of goods quickly due to high demand.

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Physical Markets: Buyers and sellers meet in person at a specific location like shops, malls, or weekly markets. Online Markets: Buyers and sellers transact through websites or apps without meeting ph…

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Export: Selling goods or services produced in one country to buyers in another country. Import: Buying goods or services from other countries and bringing them into one's own country.

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Wholesalers buy goods in large quantities from producers/manufacturers and store them in warehouses. They then supply these goods to retailers in smaller quantities. They help bridge the gap between p…

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Retailers buy goods from wholesalers and sell them directly to final consumers in small quantities. They operate shops and stores near residential areas, making goods easily accessible to households.