Lesson eLearning

Which of the following best defines a market?

easy MCQ 1 mark Class 7 · Social and Political Life · Markets Around Us
  1. A market is a place where buyers and sellers meet to trade goods and services.
  2. A market is a government office that sets prices.
  3. A market is a type of competition among businesses.
  4. A market is a storage facility for goods.
Answer
A market is a place where buyers and sellers meet to trade goods and services.

The correct answer is A market is a place where buyers and sellers meet to trade goods and services. — Select the option that matches the definition.

Step-by-step solution

  1. Identify that a market is a setting for trade.
  2. Compare each option to the definition of trade.
  3. Select the option that matches the definition.
Common mistake: Confusing a market with a shopping mall

Concept tested: Definition of market

Published · How this solution was prepared and checked

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