What are markets and how do they function? Class 7
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What are markets and how do they function? Class 7
What are markets and how do they function? Class 7
Answer:
Markets are places where people buy and sell goods.
They work by bringing together buyers who want to purchase items and sellers who want to sell them. Prices are decided based on how much people want something (demand) and how much is available (supply). For example, if many people want apples but there aren't many available, the price of apples goes up.