On this episode 4 of Straight Outta Classroom podcast, the host, Aaron Dendero, talks about what is the market.

Key takeaways from this episode:

A market is physical or non-physical place where sellers and buyers exchanges occur, every single product that is offered for sell at or after market is human harvested, extracted, made or provided.

At every stage effort is applied and value is added, costs are incurred and passed to the customers in prices charged accordingly.

Long-life product is one that is intended to be used repeatedly over a long period of time and short life is the opposite.

A provided service cannot be restocked but can be purchased and used once or repeatedly over a short or long period of time.

Price, quantity, and income affect demand and supply, personal preference is overridden by income, sellers have fixed capacity,

A product-based enterprise turns over stock to generate revenues, a service based-enterprise, turns-over knowhow to generate revenues, revenues less costs is profit, revenue more costs is loss, the way in which an enterprise makes money from its products or services in the long term is its business model.

To enhance your learning, grab a complementary visual book - Entrepreneurship: Mastering ABC of Business at Amazon.

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