Where do buyers and sellers go to exchange a specific product

The correct answer is: The market or marketplace.

Normally you visualize the market as a physical place were you can go and buy food or something else. By doing that you become a buyer and the person you give the money in exchange for products becomes the seller. In economics that doesn't specifie the physical place, it is an "arrengement where buyers and sellers come in close contact with each other directly or indirectly to sell and buy goods.

Buyers and sellers go to exchange a specific product in the market. It can a traditional market or a modern supermarket.  

EXPLANATION:  

Since a long time, the market has become a place where sellers and buyers exchange product, goods, information, and services. The interactions between sellers and buyers define supply and demand characteristics which are the fundamental of economics. Previously, the market was a place where sellers and buyers gather physically to trade. Nowadays, the market is not only a physical place where sellers sell goods or service to the buyers and buyers buy everything they need, but it is also a virtual place to trade. You must be familiar with the term “marketplace”.  

The market can be classified into two types:

•Free market where the government doesn’t take part. The buyers and sellers are the ones who rule the market. This type of market can be distorted if the sellers gain monopoly strength by managing most of the supply or if the buyers expand the monopsony strength by managing demand.  

•Stock market is a complex market which allows investors buying shares in the company and in funds that incorporate industries or companies. This type of market commonly occurs in the form of electronic networks or digital although some of them maintain a physical place for the sellers, buyers, and market markers interact together.  

•Currency market is the largest continuously traded market. This type of market operates every hour, every day, every week, and every month. The government, investors, banks, and consumers buy and sell a currency which leads to massive money flow.  

LEARN MORE:  

If you’re interested in learning more about this topic, we recommend you to also take a look at the following questions:

1.What are the cons of a mixed market economy for most citizens?

2.An example of a product with a purely competitive market is?  

KEYWORDS: market, type of market, free market, stock market, currency market  

Subject: Social studies

Class: 7-9

Sub-chapter: Market and its type  

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