Concept of Market: Market, Market, Where are you? – CBSE Notes for Class 11 Entrepreneurship

Concept of Market: Market, Market, Where are you? –  CBSE Notes for Class 11 Entrepreneurship

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Facts That Matter

1. The word ‘market’ is derived from the Latin word ‘marcatus’ meaning merchandise, ware, traffic, trade or a place where business is conducted.
2. ‘Market’ is responsible for making the economy strong and stable.
3. E-Commerce is the interaction of the firm with its customers and suppliers over the internet.
4. E-business is conduct of industry, trade and commercial using the computer networks.
5. E-business is offering great opportunities especially to developing countries.
6. Market is not restricted to a particular place but to a region.
7. The purpose of business is to create customer.

Words That Matter

1. Market: A market is defined as the sum total of all the buyers and sellers in the area or region under consideration.
2. E-business: E-business (electronic business) is the conduct of business processes on the Internet.
3. E-commerce: E-commerce (electronic commerce or EC) is the buying and selling of goods and services, or the transmitting of funds or data, over an electronic network, primarily the Internet.
4. Industry: Industry is the production of goods or services within an economy.