Following are the salient features of the Modern Economic Markets.
Flow of Information:
Modern Economic markets are highly informed. The flow of information is uninterrupted in modern markets. Buyers and sellers have choice about the products they want to buy. Hence, they can make informed decisions which are likely to be economically beneficial to both buyers and sellers.
Modes of Payment:
Modern Economic markets have a full array of instruments for payment and collection. Pay order, Traveler Cheques, Demand Draft, LCs etc ensure that trade can take place without any barrier between extreme frontiers of the world.
Modes of Transaction:
Physical meeting of buyer and sellers in the market is no longer a requirement for transaction. Electronic markets equipped with necessary technical infrastructure enable people to conduct business virtually over a telephone line, Internet, Extranet etc.
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