What are the features of a market?

The prices of goods and services are set in markets, determined by supply and demand. Features of a market include the availability of an arena, buyers and sellers, and commodities. A market is any place where two or more parties can meet to engage in an economic transaction—even those that don't involve legal tender.

What are the different types of market structure?

Market structure refers to how different industries are classified and differentiated based on their degree and nature of competition for services and goods. The four popular types of market structures include perfect competition, oligopoly market, monopoly market, and monopolistic competition.

How does a market work?

While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services (including labour power) to buyers in exchange for money. It can be said that a market is the process by which the prices of goods and services are established.