Asset that lacks this attribute may take a long time to sell or be collected (so that it can be converted into usable cash), may require a big drop in price compared to its purchase price to induce a buyer to purchase it and/or a large transaction cost to purchase or sell it.

Liquidity

Explanation:

Liquidity is the degree to which an asset can be converted to cash.  Assets that can easily be converted are described as liquid assets and include stocks and bonds.

Illiquid assets are not easy to sell. These assets may take a long time to sell or may be sold at a much cheaper price than the purchase price in order to make a quick sale. These include real estate, motor vehicles etc.

answer; common market;

answer decisions made by individual households and firms;