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Understanding the Market — Entrepreneurship STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEntrepreneurshipUnderstanding the Market1 Mark
Question
What are the main features of Clark and Clark's definition?
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Answer

The market is not taken as a geographical place but a combination of:
  1. Buyers and sellers.
  2. Given commodity.
  3. Close contact with each other through any means personally, by mail, phone, etc.
  4. Buyers and sellers are in competition with one another.
  5. The place or area can be regional, national or international.

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