The market mechanism - Business Environment

In every market there will be a buyer and a seller, and somehow they have to be brought together so that a sale can take place. The market mechanism is the way in which this takes place in a market economy. In the product market, the buyer is the household and the seller is the firm. In economic language the householddemands the good or service and the firm supplies the good or service. Each of these will be considered separately first and then brought together.

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