Respond to the following in a minimum of 175 words:
- Discuss the main components necessary for a market to occur.
- Discuss a market you have recently participated in, either professionally or personally. Why is it important for you to take part in this market, and what differentiates it from other markets?
RESPONSE TO THE FOLLOWING STUDENTS POST.
Market is a place that two or more parties are able to meet or use to engage in an economics transaction. Markets involve services, goods, currency, and information which can pass along from one to another. Some examples of markets can be coffee, eBay, online, rice, tv, and stores. Markets are not labeled to one physical or geographical location. The main components have three components, which are goods and services market at the other end, the companies that are making the products, and factor market at one end. The market is the law of demand and supply which manages the production of goods and services. The market I have recently participated in was using the market store like Target and other stores. It is important for me to take part in this market because I was looking for a faster delivery time and this specific store was able to provide me the products sooner then need to wait. It was different from other markets because it allowed me to purchase the products the same day to be delivered and other markets were not able to provide that service.
A market is where groups can get together and exchange things and/or services and engage in economic activity. The groups involved are usually buyers and sellers. A market could consist of a literal retail market or more of a virtual market, like online. There also could be illegal markets, financial and/or auction markets. The parts of a market include an area to sell the goods, sellers and buyers, and the product or objects being sold.
There could be a farmers’ market, a housing market or an online market like craigslist or eBay. I’d much rather be involved in a farmers’ market myself because I can actually interact with the seller and the consumer, like myself, can give feedback and be face-to-face. Ebay is ok, I’ve done a couple transactions on there. There’s a lot of steps along the way so both parties feel secure. The differentiation between the two for them is the human contact or the lack thereof. There are many examples of markets and pretty much it just involves the trade of economic activities between groups of people.
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