What is the product market?


Quick Answer

The product market refers to a practice of services and goods being sold to businesses or individual consumers by a business. The funds that the business receives from the purchases are then considered revenue.

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Full Answer

The phrase "product market" can also be used to refer to the place where the buying and selling takes place, such as a farmers market or a flea market. Product markets do not involve the trading of goods and services between consumers and businesses and do not focus on bartering. Transactions made between foreign buyers and sellers can also be considered a part of a product market.

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