MARKET & ITS TYPES

• Market refers to a particular place where goods are purchased and

sold.
• “The term market refers not necessarily to a place but always to a
commodity and the buyers and sellers who are in direct competition
with one another”.
• Features of Market:
• An Area: Market does not mean a particular place but in whole
region where sellers and buyers of a product are sold.
• Many Commodities: Market is not related to a place of particular
commodity. But there are different markets for different products.
• Buyers & Sellers; The presence of buyers and sellers is necessary
for sales.
• Free Competition; There should be free competition among buyers
and sellers.
• Classifications of Market:

• Market is classified based on area:

– Local market (goods are bought and sold within the particular
area)
– Global market (goods are bought and sold across the countries)

Based on Time:
very short period market
short period market
long period market
very long period market

Based on Sellers:
Wholesale market
retail market
– Based on Volume of sales:
– Wholesale market
– Secondary market
– Retail market

– Based on Transactions;
– Spot transactions market
– Future transaction market

– Based on Competition;
– Perfect Competition market
– Imperfect Competition market

– Based on Imperfect competition market: types:

– Monopolistic competition market
– monopoly market
– oligopoly market
–