Understanding Markets

This chapter explains what markets are, how buyers and sellers negotiate prices, and the different forms markets take — physical and online, domestic and international, wholesale and retail. It traces how goods move from…

• A market is a place where people buy and sell goods and services, physically or online.
• Every market requires a buyer, a seller, and an agreed price.
• Price is the amount at which a buyer is willing to buy and a seller is willing to sell.

Full explanation, worked examples & memory tricks in the app