(1) Group of buyers and sellers: Market is a group of buyers and sellers interested in negotiating the terms of sale and purchase of goods/services in order to facilitate exchange of goods and services with the medium of money.
(2) Needs and wants of people are basic requirements: The needs of the people, their capacity to spend money, their willingness to part with more and the availability of goods and services are the essential requirements of market.
(3) Geographical coverage: In a narrow sense, market refers to a particular place whereas in a wider sense, any convenient place, region and even world can be considered as a market.
(4) Demand and supply: Demand from buyers for good / services and supply of goods/services from sellers are two broad aspects of a market. There is free entry to buyers and sellers in a free and competitive market.
(5) Trading procedure: Transactions can be completed at the market either personally or through agents or even by using modem communication facilities such as telephone, fax or e-mail, internet or computer which are quick and economical.
(6) Satisfaction and profit are motivating factors: Satisfaction of human wants and financial gain (profit) are two motivating factors behind market deals. Buyers/ consumers are interested in satisfaction and sellers are interested in profit.
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