When you think of an arrangement or institution that brings buyers and sellers of a good or service together, what are you thinking of?

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Business

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11 August, 20:07

When you think of an arrangement or institution that brings buyers and sellers of a good or service together, what are you thinking of?

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Answers (1)

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Amari Morgan · Answer 1

A market

Explanation:

A market traditionally was defined as a geographical and physical location where buyers are sellers meet to transact business.

With the advancement in the area of information communication technology (ICT), the word market has been redefined as not just a geographical location but any arrangement which bring a potential buyer and seller of goods and service into close contact for the purpose of transacting business.