Pushing To Business Success

What is Market in the Global Economic System?

- It is an institution set up by society to allocate resources that are scarce relative to the demand for them. Markets are the channel which buyers and sellers meet to exchange goods, services and productive resources.
- The Marketplace determines what Goods and Services will be produced and in what quantity through changes in the prices of Goods and Services offers in the market.
- Thus, the terms of supply and demand refer to the behavior of buyers and sellers in the markets:
1. Buyer determine Demand who are willing to purchase
2. Sellers determine Supply who is willing to sell