Question

What do we mean by the word 'market'?

• A. Place like a square, local market etc.
• B. Means by which the buyer and seller are in touch with each other like phone
• C. Online shopping portal
• D. All of these

Hint:

The word 'market' can refer to any place or system where goods and services are exchanged, whether physical or digital.

Answer 1

The Correct Option is D

Step 1: Defining the market.
A market refers to a place or system where buyers and sellers interact to exchange goods and services. Markets can take various forms, such as physical locations, digital platforms, or even indirect communication through technologies.

Step 2: Analyzing the options.
(A) Place like a square, local market etc.: This refers to a physical market, such as a local market or a marketplace. This is a valid interpretation of a market.
(B) Means by which the buyer and seller are in touch with each other like phone: This is correct, as markets can also operate through communication methods such as phones, where buyers and sellers interact without being in the same physical location.
(C) Online shopping portal: This is also valid, as online platforms like Amazon or eBay are modern forms of markets.
(D) All of these: Correct. A market can take many forms, including physical locations, virtual interactions, and online portals.

Step 3: Conclusion.
The correct answer is (D) All of these, as the term 'market' encompasses various forms where buyers and sellers engage in transactions.