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Question
Class 7Social ScienceUnderstanding Markets

How do online markets differ from physical markets in transactions?

Verified Answer

Online markets and physical markets differ significantly in how transactions occur:

  • Physical Interaction: In physical markets, buyers and sellers meet face-to-face to exchange goods and services.
  • Convenience: Online markets allow transactions from anywhere, enabling buyers to shop from home using apps or websites.
  • Product Range: Online markets offer a wider variety of goods, including items that may not be available locally.
  • Payment Methods: Online transactions often involve digital payments, while physical markets typically use cash or card payments.

· Delivery: Online purchases are delivered to the buyer's location, whereas physical purchases require buyers to carry items home.

How do online markets differ from physical markets in transactions? | Shiksha Nation