Markets Around Us Chapter Notes | Marketing for SSS 1 PDF Download

A market is a place where sellers and buyers meet to trade goods and services. In earlier times, before money was used, people depended on the barter system—exchanging goods or services for others—because no one could produce everything on their own. They traded their extra items or services to get what they needed.
Nowadays, markets mostly function through monetary transactions, where goods or services are exchanged for money. The market operates through the relationship between producers and consumers. Producers create goods or offer services, while consumers buy them. In between, there are traders who act as middlemen—purchasing from producers and selling to consumers for profit. Profit-making is the key goal of these business activities.
Modern markets offer many choices in both goods and services. Consumers can select from multiple sellers for the same product, which gives them satisfaction and encourages healthy competition among producers.