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  • A market is an institution in which buyers and sellers meet to exchange services, goods, and assets. Today, markets may be physical structures or electronic media. Improvement in technology has made it possible for market transactions to be executed electronically and not just in the exclusive domain of bricks and walls.

    Economists classify markets under three broad categories: (1) the resource or factor market, (2) financial markets, and (3) the output or goods market. Markets allocate resources because market participants determine what will be bought and sold in markets by responding to the cost of production and the prices of goods, services, and assets.

    These costs are reflective of what consumers are willing to pay in the markets (given the information they have) and what sellers ...

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