Difference between revisions of "Market"
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*For a [[seller]], ''market'' is also an aggregate of all [[buyer]]s who are willing to buy a particular [[product]] that this [[seller]] sells. | *For a [[seller]], ''market'' is also an aggregate of all [[buyer]]s who are willing to buy a particular [[product]] that this [[seller]] sells. | ||
''Market'' can also be defined as some space, virtual or physical, in which [[seller]]s (a) search for [[buyer]]s and [[buyer]]s search for [[seller]]s, (b) negotiate prices, and (c) make deals. Market competitiveness refers to the ratio of [[buyer]]s and [[seller]]s of a particular [[product]]. | ''Market'' can also be defined as some space, virtual or physical, in which [[seller]]s (a) search for [[buyer]]s and [[buyer]]s search for [[seller]]s, (b) negotiate prices, and (c) make deals. Market competitiveness refers to the ratio of [[buyer]]s and [[seller]]s of a particular [[product]]. | ||
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| + | ==Definition== | ||
| + | According to [[Principles of Economics by Timothy Taylor (3rd edition)]], | ||
| + | :Marginal utility. The additional utility provided by one additional unit of consumption. | ||
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==Related lectures== | ==Related lectures== | ||
*[[Market Engagements Quarter]]. | *[[Market Engagements Quarter]]. | ||
| − | [[Category: Septem Artes Administrativi]][[Category: Articles]] | + | [[Category: Septem Artes Administrativi]][[Category: Economics]][[Category: Articles]] |
Revision as of 09:16, 2 June 2020
Market is a medium in which buyers and sellers of a specific product interact in order to facilitate an exchange:
- For a buyer, market is also an aggregate of all products that this buyer would like to buy;
- For a seller, market is also an aggregate of all buyers who are willing to buy a particular product that this seller sells.
Market can also be defined as some space, virtual or physical, in which sellers (a) search for buyers and buyers search for sellers, (b) negotiate prices, and (c) make deals. Market competitiveness refers to the ratio of buyers and sellers of a particular product.
Definition
According to Principles of Economics by Timothy Taylor (3rd edition),
- Marginal utility. The additional utility provided by one additional unit of consumption.
